The Iris Corporation had the following Shareholders' Equity section as at December 31, 20x4:

Preferred Shares, $7, noncumulative, 100,000 shares outstanding

Common shares, 5,000,000 shares issued and outstanding Retained earnings

The following transactions took place in 20x5.

$10,000,000 24,000,000 8,000,000 $42,000,000

4

1. (1)Issued 1,000,000 common shares for total cash consideration of $6,000,000.
2. (2)Issued 500,000 common shares for total cash consideration of $3,400,000.
3. (3)Repurchased and cancelled 100,000 common shares at $12 per share.
4. (4)Issued 50,000 common shares for a land and building. An independent appraisal of the
5. land and building indicated that the market value was $100,000 for the land and $350,000
6. for the building.
7. (5)Split the common stock 2:1.
8. (6)Declared the dividends on preferred shares.
9. (7)Declared a $0.50 dividend on common shares.

Required -

Prepare the journal entries to record these transactions. Round any unit amounts to two decimals.