The Justin A. Munian Corporation was authorized to issue 1,500,000 no-par value common shares. There were 600,000 shares outstanding for a total value of $6,000,000 as at December 31, 20X6 there were retained earnings of $1,500,000. During 20X7, The Justin A. Munian Corporation carried out the following transactions:

1)Reacquired and canceled 75,000 common shares at $7.00.

2)Declared a cash dividend of $2.50. Paid the dividend in ii) above.

3)Sold 15,000 common shares at $12.00 per share.

4)Reacquired and canceled 40,500 common shares at $11.00.

Required:

Prepare the journal entries for each of the above transactions (Format for Each Entry Provided Below).