Loxley Corporation is authorized to issue 50,000 shares of $10 par value ordinary shares. During 2019, Loxley
Question:
1. Issued 5,000 shares at $45 per share, less costs related to the issuance of the shares totaling $7,000.
2. Issued 1,000 shares for land appraised at $50,000. The shares were actively traded on a national securities exchange at approximately $46 per share on the date of issuance.
3. Purchased 500 treasury shares at $44 per share. The treasury shares purchased were issued in 2018 at $40 per share.
Instructions
a. Prepare the journal entry to record item 1.
b. Prepare the journal entry to record item 2.
c. Prepare the journal entry to record item 3 using the cost method.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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a Cash 5000 X 45 7000 218000 Share Capital x Ordinary 5000 X 10 50000 Share Premium ...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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