Shamrock Corporation is authorized to issue 48,000 shares of $5 par value common stock. During...
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Accounting
Shamrock Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Shamrock took part in the following selected transactions.
1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100.
2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance.
3. Purchased 490 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.
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