Overland Corporation is authorized to issue 250,000 shares of $1 parvalue common stock. During 2020, Overland Corporation took part in the following selected transactions:1. Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000.2. Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange atapproximately $78 per share on the date of issuance.3. Purchased 6,000 shares of treasury stock at $74 per share. The treasury shares purchased were issued in 2009 at $46per share.Instructions(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
Overland Corporation is authorized to issue 250,000 shares of $1 par
value common stock. During 2020, Overland Corporation took part in the following selected transactions:
1. Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000.
2. Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange at
approximately $78 per share on the date of issuance.
3. Purchased 6,000 shares of
per share.
Instructions
(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
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