Tim Hortons restaurants operate in a variety of formats. A standard Tim Hortons restaurant is a freestanding building typically ranging in size from 1,400 to 3,090 square feet with a dining room and single or double drive-thru window. The company also has nonstandard restaurants designed to fit anywhere, consisting of kiosks in offices, hospitals, colleges, airports, gas station convenience stores, and drive-thru only units on smaller pieces of property. The company€™s annual report included the following information:

Required:
For 2006, prepare journal entries to record the purchase of treasury stock, the issuance of common stock, and the declaration and payment of dividends. The common stock has a par value of $0.001 and 50,000,000 shares were issued during2006.

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2006 2005 2004 Cash flows from financing activities: 3,192 2812 Proceeds from issuance of debt, net of issuance costs Proceeds from issuance of common stock Financing costs Purchase of common stock for settlement of 501,263 903,825 (61,918) (5.489) (64,971) restricted stock units Purchase of treasury stock Purchase of common stock held in trust Dividend payments Long-term borrowings from Wendy's Repayment of borrowings from Wendy's Principal payments on other long-term debt (9,171) (27,046) 54,377 (1,087,968) (77,448) 52,552) obligations Net cash provided by (used in) financing activities (206,750) (4,148) (4,130) (58,225) (78,404) 507