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Prepare the journal entry to record item one

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Question - Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2021, Overland Corporation took part in the following selected transactions.

1. Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000.

2. Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange at approximately $78 per share on the date of issuance.

3. Purchased 6,000 shares of treasury stock at $74 per share. The treasury shares purchased were issued in 2016 at $46 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: EM133048183

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