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Question - Bramble Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2020, Bramble took part in the following selected transactions.
1. Issued 4,900 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $9,000.
2. Issued 1,100 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance.
3. Purchased 510 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2016 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.
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Evaluate the Predetermined Overhead Rate
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