McVie Corporation's stock has a par value of $2. The company has the following transactions during the year: Feb. Issued 280,000 shares at $5 share. 28 Jun. 7 Issued 94,000 shares in exchange for equipment with a clearly determined value of $205,000. Sep. Purchased 2,400 shares of treasury stock at $7 per share. 19 Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 Jun. 7 Sep. 19 Additional Paid-in Capital from Common Stock Building Cash Land Treasury Stock III III II
McVie Corporation's stock has a par value of $2. The company has the following transactions during the year: Feb. Issued 280,000 shares at $5 share. 28 Jun. 7 Issued 94,000 shares in exchange for equipment with a clearly determined value of $205,000. Sep. Purchased 2,400 shares of treasury stock at $7 per share. 19 Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 Jun. 7 Sep. 19 Additional Paid-in Capital from Common Stock Building Cash Land Treasury Stock III III II
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 20EA: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600...
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Question
![McVie Corporation's stock has a par value of $2. The company has the following
transactions during the year:
Feb.
Issued 280,000 shares at $5 share.
28
Jun. 7
Issued 94,000 shares in exchange for equipment with a clearly determined
value of $205,000.
Sep.
Purchased 2,400 shares of treasury stock at $7 per share.
19
Prepare the journal entries to record the transactions. If an amount box does not require
an entry, leave it blank.
Feb. 28
Jun. 7
Sep. 19
Additional Paid-in Capital from Common Stock
Building
Cash
Land
Treasury Stock
III III II
III III II](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd98076eb-0482-47e5-8316-d4b90fe4fbfe%2F45dd2d89-e370-49e7-be54-c20f134f6d21%2Flvfre6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:McVie Corporation's stock has a par value of $2. The company has the following
transactions during the year:
Feb.
Issued 280,000 shares at $5 share.
28
Jun. 7
Issued 94,000 shares in exchange for equipment with a clearly determined
value of $205,000.
Sep.
Purchased 2,400 shares of treasury stock at $7 per share.
19
Prepare the journal entries to record the transactions. If an amount box does not require
an entry, leave it blank.
Feb. 28
Jun. 7
Sep. 19
Additional Paid-in Capital from Common Stock
Building
Cash
Land
Treasury Stock
III III II
III III II
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