Lucille Corporation is a publicly held corporation whose common stock is traded

Question

Lucille Corporation is a publicly held corporation whose common stock is traded on the securities markets On June 1, it acquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $250,000. The stock was selling at $12 per share. Prepare the journal entries for each of the situations above, On January 1, 2010, the stockholders' equity section of Nunez Corporation shows: Common stock ( $5 par value ) $1,500,000 paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Journalize the treasury stock transactions. Restate the entry for September 1 . assuming the treasury shares were sold at $12 per share. Mad City Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for $40 per share.

Explanation / Answer

Mar 1. Common stock $750,000 Cash $750,000 July 1 Cash 170,000 Common Stock 150,000 Pic 20,000 Cash 112,000 Pic 8,000 Common Stock 120,000 If this help please Award High Karma points!! Good Luck!! and Thanks........

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