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Splish Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2025, Splish took part in the following selected transactions. a. Issued 4,800 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $5,800. b. Issued 1,100 shares of stock for land appraised at $47,000. The stock was actively traded on a national stock exchange at approximately $45 per share on the date of issuance. c. Purchased 470 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2021 at $43 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 0 for the amounts.)

Splish Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2025, Splish took part in the following selected transactions. a. Issued 4,800 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $5,800. b. Issued 1,100 shares of stock for land appraised at $47,000. The stock was actively traded on a national stock exchange at approximately $45 per share on the date of issuance. c. Purchased 470 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2021 at $43 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 0 for the amounts.)

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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Splish Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2025, Splish took part in the following selected transactions. a. Issued 4,800 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $5,800. b. Issued 1,100 shares of stock for land appraised at $47,000. The stock was actively traded on a national stock exchange at approximately $45 per share on the date of issuance. c. Purchased 470 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2021 at $43 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 0 for the amounts.)
Transcribed Image Text:Splish Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2025, Splish took part in the following selected transactions. a. Issued 4,800 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $5,800. b. Issued 1,100 shares of stock for land appraised at $47,000. The stock was actively traded on a national stock exchange at approximately $45 per share on the date of issuance. c. Purchased 470 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2021 at $43 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 0 for the amounts.)
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