Exercise 15-6 Splish Corporation is authorized to issue 47,000 shares of $5 par value common...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Exercise 15-6
Splish Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2017, Splish took part in the following selected transactions.
1.
Issued 5,500 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $7,200.
2.
Issued 1,200 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.
3.
Purchased 520 shares of treasury stock at $45 per share. The treasury shares purchased were issued in 2013 at $42 per share.
(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" for the account titles and enter 0 for the amounts.)
No. Account Titles and Explanation Debit Credit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
