On January 1, 2012, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year,

the following transactions occurred:
Mar. 1 Issued 60,000 shares of common stock for $675,000
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15

June 30 Paid the $2.00 cash dividend
Dec. 1 Purchased 5,000 shares of common stock for the treasury for $18 per share

Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31

Net income for 2012 amounted to $951,000.

Instructions

Prepare journal entries to record the above transactions.