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mares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approxima ance. shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2013 at $37 per share. ournal entry to record item 1. ournal entry to record item 2.

mares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approxima ance. shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2013 at $37 per share. ournal entry to record item 1. ournal entry to record item 2.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bonita Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2017, Bonita took part in the following selected transactions. 1. Issued 4,600 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,600. 2. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2013 at $37 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) (c) Debit Credit
Transcribed Image Text:Bonita Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2017, Bonita took part in the following selected transactions. 1. Issued 4,600 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,600. 2. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2013 at $37 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) (c) Debit Credit
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