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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 issued in 2006 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.
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Perform the required journal entries
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