a. Issued 1,000 shares of $10 par common stock at $56. b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. c. Purchased 100 shares of treasury stock at $25. d. Sold the 100 shares of treasury stock purchased in (c) at $30. Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact word g of account titles.
a. Issued 1,000 shares of $10 par common stock at $56. b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. c. Purchased 100 shares of treasury stock at $25. d. Sold the 100 shares of treasury stock purchased in (c) at $30. Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact word g of account titles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:a. Issued 1,000 shares of $10 par common stock at $56.
b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a
fair market price of $21,000.
c. Purchased 100 shares of treasury stock at $25.
d. Sold the 100 shares of treasury stock purchased in (c) at $30.
Required:
Prepare entries to record the above transactions. Refer to the Chart of Accounts for
exact word g of account titles.
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