par following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to ti Issued 1,000 shares of stock for land appraised at $54,000. The stoc approximately $50 per share on the date of issuance. 2. 3. Purchased 540 shares of treasury stock at $40 per share. The treasu share.

par following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to ti Issued 1,000 shares of stock for land appraised at $54,000. The stoc approximately $50 per share on the date of issuance. 2. 3. Purchased 540 shares of treasury stock at $40 per share. The treasu share.

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Martinez Corporation is authorized to issue 54,000 shares of $5 par value common stock. During 2020, Martinez took part in the
following selected transactions.
1.
Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $8,200.
Issued 1,000 shares of stock for land appraised at $54,000. The stock was actively traded on a national stock exchange at
approximately $50 per share on the date of issuance.
2.
3.
Purchased 540 shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2016 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
Debit
Credit
(a)
(b)
(c)

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