Swifty Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Swifty Corporation took partin the following selected transactions.1.Issued 52,000 shares of stock at $73 per share, less costs related to the issuance of the stock totaling $28,600.Issued 12,000 shares of stock for land appraised at $942,000. The stock was actively traded on a national stock exchangeat $75 per share on the date of issuance.2.3.Purchased 6,200 shares of treasury stock at $71 per share. The treasury shares purchased were issued in 2009 at $48 pershare.(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" forthe account titles and enter O for the amounts.)No. Account Titles and ExplanationDebitCredit(a)(b)(c)

No. Accounts & Title Explanation Debit ($) credit ($) a Journal entry to record item 1…

ssued 12,000 shares of stock for land appraise at $75 per share on the date of issuance. Purchased 6,200 shares of treasury stock at $7 hare. Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 usin

ssued 12,000 shares of stock for land appraise at $75 per share on the date of issuance. Purchased 6,200 shares of treasury stock at $7 hare. Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 usin

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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Hh1.
Please answer A and B