The stockholders equity accounts of MarinCompany have the following balances on December 31, 2020.

Common stock, $10 par, 290,000 shares issued and outstanding		$2,900,000
Paid-in capital in excess of parcommon stock		1,300,000
Retained earnings		6,060,000

Shares of Marin Company stock are currently selling on the Midwest Stock Exchange at $40.

Prepare the appropriate journal entries for each of the following cases.