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1- 24,000 shares reacquired by Pina Corporation for $50 per share were exchanged for undeveloped land...

1- 24,000 shares reacquired by Pina Corporation for $50 per share were exchanged for undeveloped land that has an appraised value of $1,389,000. At the time of the exchange, the common stock was trading at $58 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method.

2-Pina Company had the following stockholders’ equity as of January 1, 2017.

Common stock, $5 par value, 18,900 shares issued $94,500
Paid-in capital in excess of par—common stock 306,000
Retained earnings 317,000
   Total stockholders’ equity $717,500


During 2017, the following transactions occurred.

Feb. 1 Pina repurchased 1,900 shares of treasury stock at a price of $18 per share.
Mar. 1 810 shares of treasury stock repurchased above were reissued at $16 per share.
Mar. 18 470 shares of treasury stock repurchased above were reissued at $14 per share.
Apr. 22 550 shares of treasury stock repurchased above were reissued at $19 per share

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ekkarill92 answered 1 year ago
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