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Question 4 of 20 0.45 / 0.6 Sheffield Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2025, Sheffield took part in the following selected transactions. a. Issued 4,500 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7.900. b. C. Issued 1,100 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. Purchased 470 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. d. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Cash Common Stock Paid-In Capital In Excess of Par-Common Stock b. Land Common Stock Pald-In Capital In Excess of Par-Common Stock Q. Treasury Stock Cash Common Stock 202.500 50.600 19.270 65.925 Pald-In Capital In Excess of Par-Common Stock 67.390 Retained Earnings Treasury Stock 64,460 22.500 180,000 5500 45.100 19.270 131,850

Question 4 of 20 0.45 / 0.6 Sheffield Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2025, Sheffield took part in the following selected transactions. a. Issued 4,500 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7.900. b. C. Issued 1,100 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. Purchased 470 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. d. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Cash Common Stock Paid-In Capital In Excess of Par-Common Stock b. Land Common Stock Pald-In Capital In Excess of Par-Common Stock Q. Treasury Stock Cash Common Stock 202.500 50.600 19.270 65.925 Pald-In Capital In Excess of Par-Common Stock 67.390 Retained Earnings Treasury Stock 64,460 22.500 180,000 5500 45.100 19.270 131,850

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...
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Question 4 of 20 0.45 / 0.6 Sheffield Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2025, Sheffield took part in the following selected transactions. a. Issued 4,500 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7.900. b. C. Issued 1,100 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. Purchased 470 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. d. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Cash Common Stock Paid-In Capital In Excess of Par-Common Stock b. Land Common Stock Pald-In Capital In Excess of Par-Common Stock Q. Treasury Stock Cash Common Stock 202.500 50.600 19.270 65.925 Pald-In Capital In Excess of Par-Common Stock 67.390 Retained Earnings Treasury Stock 64,460 22.500 180,000 5500 45.100 19.270 131,850
Transcribed Image Text:Question 4 of 20 0.45 / 0.6 Sheffield Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2025, Sheffield took part in the following selected transactions. a. Issued 4,500 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7.900. b. C. Issued 1,100 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. Purchased 470 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. d. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Cash Common Stock Paid-In Capital In Excess of Par-Common Stock b. Land Common Stock Pald-In Capital In Excess of Par-Common Stock Q. Treasury Stock Cash Common Stock 202.500 50.600 19.270 65.925 Pald-In Capital In Excess of Par-Common Stock 67.390 Retained Earnings Treasury Stock 64,460 22.500 180,000 5500 45.100 19.270 131,850
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