Tractor Corporation was just formed. Prepare the journal entries to record the following transaction.

1. Issued 5,000 shares of common stock at $28 per share. Par Value is $20 per share.
2. Issued a 10% stock dividend when the stock was selling at $30 per share.
3. Declared a cash dividend of $1 per share on the shares outstanding.
4. Paid the cash dividend of $1 per share declared earlier (in 3 above)
5. Purchased 100 shares of treasury stock at $27 per share