STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTION, AND TREASURY STOCK) Brant & Evans had the following stock transactions during

Question:

STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTION, AND TREASURY STOCK) Brant & Evans had the following stock transactions during the year:

(a) Issued 6,000 shares of common stock with a $5 par value in exchange for real estate (land) with a fair market value of $33,500.

(b) Issued 5,500 shares of common stock with a $6 par value and $7 fair market value in exchange for a building with an uncertain fair market value.

(d) Received subscriptions for 8,000 shares of $5 par common stock for $38,000.

(e) Received a payment of $29,000 on the stock subscription in transaction (c).

(f) Received the balance in full for the stock subscription in transaction (c) and issued the stock.

(g) Received the balance in full for the stock subscription in transaction (d) and issued the stock.

(h) Purchased 2,000 shares of its own $5 par common stock for $6 a share ($12,000).

(i) Sold 1,000 shares of the treasury stock in transaction (h) for $6.50 a share.

(j) Sold 1,000 shares of the treasury stock in transaction (h) for $5.75 a share.

Prepare general journal entries to record the transactions, identifying each transaction by letter.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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,...