problem: On January 1, 2008, Dolan Corporation had 60,000 shares of $1 par value common stock issued & outstanding. During the year, following transactions occurred: 
Mar. 
1 
Issued 20,000 shares of common stock for $400,000. 
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 4,000 shares of common stock for the treasury for $22 per share. 
Dec. 
15 
Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.