Homework Answers
Journal entry
| No | Account title and explanation | Debit | Credit |
| 1 | No Journal entry | ||
| 2 | Land | 320000 | |
| Common Stock | 90000 | ||
| Paid in capital in excess of stated value-Common Stock | 230000 | ||
| 3 | Cash (5700*110) | 627000 | |
| Preferred stock | 570000 | ||
| Paid in capital in excess of par value-Common Stock | 57000 | ||
| 4 | Attorney's fees (130*55) | 7150 | |
| Common Stock | 1300 | ||
| Paid in capital in excess of stated value-Common Stock | 5850 | ||
2) Journal entry
| no | General Journal | Debit | Credit |
| 1 | Treasury stock (400*62) | 24800 | |
| Cash | 24800 | ||
| 2 | Cash (140*59) | 8260 | |
| Retained earnings | 420 | ||
| Treasury stock (140*62) | 8680 | ||
| 3 | cash (60*67) | 4020 | |
| Treasury stock (60*62) | 3720 | ||
| Paid in capital from sale of treasury stock | 300 | ||
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