Prepare entries to record the following transactions for Maine Corp.:
(a)Issued 2,000 shares of $10 par common stock at $72 for cash.
(b)Issued 2,500 shares of common stock in exchange for land with a fair market price of $130,000.
(c)Purchased 400 shares of treasury stock at $70.
(d)Sold the 400 shares of treasury stock purchased in
(c) at $76.

Question

Prepare entries to record the following transactions for Maine Corp.:
(a)Issued 2,000 shares of $10 par common stock at $72 for cash.
(b)Issued 2,500 shares of common stock in exchange for land with a fair market price of $130,000.
(c)Purchased 400 shares of treasury stock at $70.
(d)Sold the 400 shares of treasury stock purchased in 
(c) at $76.

Quizplus · Accepted Answer

The Answer of Prepare entries to record the following transactions for Maine Corp.:
(a)Issued 2,000 shares of $10 par common stock at $72 for cash.
(b)Issued 2,500 shares of common stock in exchange for land with a fair market price of $130,000.
(c)Purchased 400 shares of treasury stock at $70.
(d)Sold the 400 shares of treasury stock purchased in 
(c) at $76.

Prepare Entries to Record the Following Transactions for Maine Corp