Homework Help is Here – Start Your Trial Now!
Business
Accounting
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock. C. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit Common Stock Issued common stock. 8 Percent Preferred Stock Issued preferred stock. Acquired common stock. b. Paid-in-Capital from Treasury Stock. Sold shares of treasury stock. Paid-in-Capital from Treasury Stock Sold shares of treasury stock.

Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock. C. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit Common Stock Issued common stock. 8 Percent Preferred Stock Issued preferred stock. Acquired common stock. b. Paid-in-Capital from Treasury Stock. Sold shares of treasury stock. Paid-in-Capital from Treasury Stock Sold shares of treasury stock.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Please help with this question thanks 

 

Cash Common Stock la Paid-in-Capital in Excess of Par Value - Common Stock e 8 Percent Preferred Stock to Paid-in-Capital in Excess of Par Value - Preferred Stock n Treasury Stock - Common Paid-in-Capital from Treasury Stock. Desc
Transcribed Image Text:Cash Common Stock la Paid-in-Capital in Excess of Par Value - Common Stock e 8 Percent Preferred Stock to Paid-in-Capital in Excess of Par Value - Preferred Stock n Treasury Stock - Common Paid-in-Capital from Treasury Stock. Desc
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock. C. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit а. $ Common Stock Issued common stock. 8 Percent Preferred Stock Issued preferred stock. Acquired common stock. b. Paid-in-Capital from Treasury Stock. Sold shares of treasury stock. C. Paid-in-Capital from Treasury Stock Sold shares of treasury stock.
Transcribed Image Text:Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock. C. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit а. $ Common Stock Issued common stock. 8 Percent Preferred Stock Issued preferred stock. Acquired common stock. b. Paid-in-Capital from Treasury Stock. Sold shares of treasury stock. C. Paid-in-Capital from Treasury Stock Sold shares of treasury stock.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS