Marin Corporation is authorized to issue 54,000 shares of $ 5 par value common stock. During 2020, Marin took part in the following selected transactions. 1. Issued 5,200 shares of stock at $ 42 per share, less costs related to the issuance of the stock totaling $ 5,900. 2. Issued 1,000 shares of stock for land appraised at $ 54,000. The stock was actively traded on a national stock exchange at approximately $ 43 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $ 43 per share. The treasury shares purchased were issued in 2016 at $ 40 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 (a) enter an account title to record the first item enter a debit amount enter a credit amount enter an account title to record the first item enter a debit amount enter a credit amount enter an account title to record the first item enter a debit amount enter a credit amount (b) enter an account title to record the second item enter a debit amount enter a credit amount enter an account title to record the second item enter a debit amount enter a credit amount enter an account title to record the second item enter a debit amount enter a credit amount (c) enter an account title to record the third item using the cost method enter a debit amount enter a credit amount enter an account title to record the third item using the cost method enter a debit amount enter a credit amount
Marin Corporation is authorized to issue 54,000 shares of $ 5 par value common stock. During 2020, Marin took part in the following selected transactions. 1. Issued 5,200 shares of stock at $ 42 per share, less costs related to the issuance of the stock totaling $ 5,900. 2. Issued 1,000 shares of stock for land appraised at $ 54,000. The stock was actively traded on a national stock exchange at approximately $ 43 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $ 43 per share. The treasury shares purchased were issued in 2016 at $ 40 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 (a) enter an account title to record the first item enter a debit amount enter a credit amount enter an account title to record the first item enter a debit amount enter a credit amount enter an account title to record the first item enter a debit amount enter a credit amount (b) enter an account title to record the second item enter a debit amount enter a credit amount enter an account title to record the second item enter a debit amount enter a credit amount enter an account title to record the second item enter a debit amount enter a credit amount (c) enter an account title to record the third item using the cost method enter a debit amount enter a credit amount enter an account title to record the third item using the cost method enter a debit amount enter a credit amount
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 23P
Related questions
Question
Marin Corporation is authorized to issue 54,000 shares of $ 5 par value common stock. During 2020, Marin took part in the following selected transactions.
1. | Issued 5,200 shares of stock at $ 42 per share, less costs related to the issuance of the stock totaling $ 5,900. | |
2. | Issued 1,000 shares of stock for land appraised at $ 54,000. The stock was actively traded on a national stock exchange at approximately $ 43 per share on the date of issuance. | |
3. | Purchased 460 shares of |
(a) | Prepare the |
|
(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
|
---|---|---|---|
(a)
|
enter an account title to record the first item
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record the first item
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the first item
|
enter a debit amount
|
enter a credit amount
|
|
(b)
|
enter an account title to record the second item
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record the second item
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the second item
|
enter a debit amount
|
enter a credit amount
|
|
(c)
|
enter an account title to record the third item using the cost method
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record the third item using the cost method
|
enter a debit amount
|
enter a credit amount
|
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