Prepare the journal entry for the last step of the liquidation process for the Glad Partnership 4

Prepare the journal entry for the last step of the liquidation process for the Glad Partnership 4. On January 1, 2015, James Corporation had 60,000 no par value common shares issued at $1 per share. During the year, the following transactions occurred: Mar. 1 Issued 40,000 common shares for $600,000. June 1 Declared a cash dividend of $2 per share to shareholders of record on June 15. June 30 Paid the $2 cash dividend. Dec. 15 Declared a 10% stock dividend to shareholders of record on December 31. On December 15, the shares were trading for $17. Prepare journal entries to record the above transactions. (10 marks)