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Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in th

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Answer #1

No.

Account Titles and Explanation

Debit

Credit

(a)

Cash (4600*$48 -8100)

$212700

Common Stock (4600 Shares x $5 par value)

$23000

Additional Paid in Capital

$189700

(b)

Land

48000

Common Stock (1000*5)

5000

Additional Paid in Capital

43000

(c)

Treasury Stock (490*45)

22050

Cash

22050

Cash (490*42)

20580

Retained Earnings

1470

Treasury Stock (490*45)

22050
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