Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock wasoriginally issued at $7 per share. Which of the following is part of the journal entry to record the purchase?Credit Common Stock for $92800.O Debit Treasury Stock for $8700.Debit Treasury Stock for $92800.O Credit Common Stock for $8700.

The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Answered: Sandhill Storage Products purchased…

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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Ehrlich Corporation's common stock had a $10 par value and the preferred stock had a $50 par value. Journalize the following independent transactions: a. Issued 600 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share. b. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had been selling at $14 and the preferred at $65. c. Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,500.
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