(Answered) Question - inland corporation issued 50000 shares of 3 par

Accounting

Question - Inland Corporation issued 50,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value, ten percent preferred stock at $85 per share. Later, the company purchased 2,000 shares of its own stock at $2000 a share.

a) Prepare the journal entries to record the share issuances and the purchase of the common shares.

b) Assume that Inland sold 1,500 shares of the treasury stock at $28 per share. Prepare the journal entry to record the sale of the treasury stock.

c) Assume that Inland sold the remaining 500 shares at $20 a share. Prepare the journal entry to record this sale of the treasury stock.

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