Eastman, Inc., incorporated in New Hampshire on April 15, 2007. Since the date of its inception, the following transactions occurred:
a. On April 15, 2007, Eastman was authorized to issue 2,000,000 shares of $6 par value common stock.
b. On April 15, 2007, the company issued 100,000 shares of common stock for $15 per share.
c. The company issued and paid a 25 percent stock dividend on December 21, 2007. The market value on that date was $ 16 per share.
d. On July 1, 2008, Eastman sold 30,000 shares of common for $30.
e. On November 15, 2008, the company repurchased 10,000 shares of stock for $42 per share.
f. On December 15, 2008, Eastman issued 5,000 shares of treasury stock at $46 per share.
g. On February 1, 2009, the stock split 2 for 1.
h. On September 15, 2009, the remaining treasury stock was sold for $35 per share.
i. On December 24, 2009, Eastman declared a cash dividend of $ 150,000.
j. On January 24, 2010, the cash dividend was paid.
Required:
Prepare the necessary journal entries.