Ayayai Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2020, Ayayai took part in the following selected transactions. 1. Issued 5,000 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5,400. 2. Issued 1,200 shares of stock for land appraised at $46,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. 3. Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2016 at $41 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.
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Ayayai Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2020, Ayayai took part in the following ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » Ayayai Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2020, Ayayai took part in the following selected transactions. 1.