Loxley Corporation is authorized to issue 51,800 shares of $8 par value common s

Question

Loxley Corporation is authorized to issue 51,800 shares of $8 par value common stock. During 2012, Loxley took part in the following selected transactions.

1. Issued 5,250 shares of stock at $50 per share, less costs related to the issuance of the stock totaling $7,910.

2. Issued 1,290 shares of stock for land appraised at $51,800. The stock was actively traded on a national stock exchange at approximately $51 per share on the date of issuance.

3. Purchased 580 shares of treasury stock at $42 per share. The treasury shares purchased were issued in 2008 at $38 per share.

(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.

Explanation / Answer

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