On January 1, 2014, Hobbs Corporation had 60,000 common shares issued at $1 per share. During the year, the following transactions occurred: 
Profit for 2014 amounted to $651,000.
Instructions
Prepare journal entries to record the above transactions.
Definitions:
X-Intercept
The x-intercept of a graph is the point(s) at which the graph crosses the x-axis, meaning the y-value at this point is zero.
Polynomial Equation
An equation that involves only polynomials, which are expressions consisting of variables and coefficients structured over addition, subtraction, and multiplication.
Factoring
The process of breaking down an equation into simpler components that are multiplied together.
Equation
An assertion in mathematics that two expressions, which may include variables, are equal.
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