HDR board E-Reserves(E-Res) The following information apples to the questions di

Question

HDR board E-Reserves(E-Res) The following information apples to the questions displeyed below Global Marne obtenedcharter from the stato r, Jenuary that outorged 1000000 ofco stock, $5 par value During the firut yeart the company eemed $330,000 of net income end thw selected tuonsections occured in 8. Issued 120.000 shares ofthe common stock $48 cesh per thare. b. Reacquired 18,000 shares $43 nsh per share c. Reissued 6,500 sheres from treesury for 544 per share Reissued 6500 shores tom eesury for $42 per share. 8.00 points seleet 0 Journal Erwy Requrer, now first account teid ) Journal entry worksheet Record the issuance of 120.000 shares of common stock with a s5 pa value for a price of $48 per share Note: Enter debits befere credits SLO-MO VIDEO PHOTO SQUARE PANO

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit a) Cash a/c (120000*48) 5760000 Common stock a/c (120000*5) 600000 Paid in capital in excess of par value 5160000 (To record issue of common stock) b) Treasury stock a/c 774000 Cash a/c 774000 (TO record treasury stock purchased) c) Cash a/c 286000 Treasury stock a/c 279500 Paid in capital from sale of treasury stock 6500 (To record sale of treasury stock) d) Cash a/c 273000 Paid in capital from sale of treasury stock 6500 Treasury stock a/c 279500 (To record sale of treasury stock)

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