Reference no: EM13144118
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
1. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000.
2. Issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance.
3. Purchased 500 shares of treasury stock at $44 per share. The treasury shares purchased were is- sued in 2006 at $40 per share.
Instructions
Prepare the journal entry to record item
1. Prepare the journal entry to record item
2. Prepare the journal entry to record item
3. using the cost method.
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