Windsor Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2025, Windsor Corporation took part in the following selected transactions: 1. 2. 3. (a) (b) (c) Issued 56,000 shares of stock at $84 per share, less costs related to the issuance of the stock totaling $27,000. Issued 12,000 shares of stock for land appraised at $1,074,000. The stock was actively traded on a national stock exchange at $86 per share on the date of issuance. Purchased 5,900 shares of treasury stock at $82 per share. The treasury shares purchased were issued in 2014 at $46 per share. Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 using the cost method.
Windsor Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2025, Windsor Corporation took part in the following selected transactions: 1. 2. 3. (a) (b) (c) Issued 56,000 shares of stock at $84 per share, less costs related to the issuance of the stock totaling $27,000. Issued 12,000 shares of stock for land appraised at $1,074,000. The stock was actively traded on a national stock exchange at $86 per share on the date of issuance. Purchased 5,900 shares of treasury stock at $82 per share. The treasury shares purchased were issued in 2014 at $46 per share. Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 using the cost method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Windsor Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2025, Windsor Corporation took
part in the following selected transactions:
1. Issued 56,000 shares of stock at $84 per share, less costs related to the issuance of the stock totaling $27,000.
Issued 12,000 shares of stock for land appraised at $1,074,000. The stock was actively traded on a national stock exchange at
$86 per share on the date of issuance.
2.
3.
(a)
(b)
(c)
Purchased 5,900 shares of treasury stock at $82 per share. The treasury shares purchased were issued in 2014 at $46 per
share.
Prepare the journal entry to record item 1.
Prepare the journal entry to record item 2.
Prepare the journal entry to record item 3 using the cost method.
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