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Prepare the journal entry to record item using cost method

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Reference no: EM132470944

(Share Issuances and Repurchase)

Loxley Corporation is authorized to issue 50,000 shares of $10 par value ordinary shares. During 2019, Loxley took part in the following selected transactions.

Point 1. Issued 5,000 shares at $45 per share, less costs related to the issuance of the shares totaling $7,000.

Point 2. Issued 1,000 shares for land appraised at $50,000. The shares were actively traded on a national securities exchange at approximately $46 per share on the date of issuance.

Point 3. Purchased 500 treasury shares at $44 per share. The treasury shares purchased were issued in 2018 at $40 per share.

Instructions

Question a. Prepare the journal entry to record item 1.

Question b. Prepare the journal entry to record item 2.

Question c. Prepare the journal entry to record item 3 using the cost method.

Reference no: EM132470944

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