View Policies Current Attempt in Progress Kingbird Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2025, Kingbird took part in the following selected transactions. b. C. d. Issued 5,500 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5.500. Issued 1,000 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. Purchased 510 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. Retired the treasury shares purchased in part (c). In repare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account les are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accoun les and enter O for the amounts) o. Account Titles and Explanation Debit Credit
View Policies Current Attempt in Progress Kingbird Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2025, Kingbird took part in the following selected transactions. b. C. d. Issued 5,500 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5.500. Issued 1,000 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. Purchased 510 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. Retired the treasury shares purchased in part (c). In repare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account les are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accoun les and enter O for the amounts) o. Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ef 580.
Transcribed Image Text:View Policies
d.
Current Attempt in Progress
Kingbird Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2025., Kingbird took part in the
following selected transactions.
b.
a
b.
d.
C.
Issued 5,500 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5.500
Issued 1,000 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at
approximately $50 per share on the date of issuance.
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
Purchased 510 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per
share.
Retired the treasury shares purchased in part (c).
-12 1
No. Account Titles and Explanation
Debit
Debit
Credit
Credit
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