Reference no: EM132935043
Question - Excalibur Corporation is authorized to issue 3,000,000 shares of $4 par value common stock. During 2020, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $13 per share.
July 2 Issued 100,000 shares of stock in exchange for a building. The building had an asking price of $1,000,000. The stock is currently selling at $9 per share.
Sept. 5 Purchased 5,000 shares of common stock for the treasury at $10 per share.
Dec. 6 Sold 2,000 shares of the treasury stock at $14 per share.
Dec. 12 Sold the remaining shares of treasury stock at $6 per share.
Required - What would the journal transactions look like, if explanations were omitted?
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