(Answered) Question - larkspur corporation is authorized to issue

Accounting

Question - Larkspur Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2017, Larkspur took part in the following selected transactions.

1. Issued 4,500 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $6,300.

2. Issued 1,100 shares of stock for land appraised at $45,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance.

3. Purchased 530 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2013 at $43 per share.

(a) Prepare the journal entry to record item 1.

(b) Prepare the journal entry to record item 2.

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