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Prepare the journal entry to record item one

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Question - Pharoah Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2020, Pharoah took part in the following selected transactions.

1. Issued 4,800 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $5,800.

2. Issued 1,100 shares of stock for land appraised at $47,000. The stock was actively traded on a national stock exchange at approximately $45 per share on the date of issuance.

3. Purchased 470 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2016 at $43 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: EM132871800

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