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Prepare the journal entry to record item

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Question - Cullumber Corporation is authorized to issue 45,000 shares of $10 par value ordinary shares. During 2022, Cullumber took part in the following selected transactions.

1. Issued 4,700 shares at $46 per share, less costs related to the issuance of the shares totaling $6,800.

2. Issued 1,200 shares for land appraised at $45,000. The shares were actively traded on a national securities exchange at approximately $47 per share on the date of issuance.

3. Purchased 500 treasury shares at $45 per share. The treasury shares purchased were issued in 2021 at $41 per share.

Required -

(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.

Reference no: EM132875408

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