In: Accounting
Prepare entries to record the following:
a. Issued 1,000 shares of $10 par common stock at $56 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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b. Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $21,000. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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Solution
c. Purchased 100 shares of treasury stock at $25.
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d. Sold 100 shares of treasury stock at $30. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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