2 Maverick Corporation is authorized to issue 5% 20,000 P/F par value $50 and 100,000 common shares par value $5 in January 2019 During the year, the following transactions took place a Indicate what journal entry will be made by the company on the authorization date b The Co. issued 3,000 of the P/F shares in exchange for land that had a fair market value of $220,000. Prepare the journal entry to record the issuance of the stock for the land The market price of the P/F stock is not known. The Co. sold 12,000 P/F shares at $100 per share. d Indicate the number of outstanding P/F shares at the end of December 2019 The company issued 10,000 of its common stock in exchange for a building with an asking price of $135,000. The shares are being traded at $12 per share on the negotiation date. Prepare journal entries to record the issuance of the stock for the building The Co. issued 400 common shares to Mr. Smith for legal services. Mr. Smith's fee is $6,500. The market price of the share is $15. 9 The Co issued 3,000 common shares to Spike Co for purchase of drilling equipment with an invoice price of $60,000. The market price of the share is unknown h The Co. sold 65,000 common shares at $18 In September of that year, the company purchased 5,000 of its common shares at $12 per share to avoid a hostile take over. What is the outstanding No. of common shares at the end of December 2019? 2 Maverick Corporation is authorized to issue 5% 20,000 P/F par value $50 and 100,000 common shares par value $5 in January 2019 During the year, the following transactions took place a Indicate what journal entry will be made by the company on the authorization date b The Co. issued 3,000 of the P/F shares in exchange for land that had a fair market value of $220,000. Prepare the journal entry to record the issuance of the stock for the land The market price of the P/F stock is not known. The Co. sold 12,000 P/F shares at $100 per share. d Indicate the number of outstanding P/F shares at the end of December 2019 The company issued 10,000 of its common stock in exchange for a building with an asking price of $135,000. The shares are being traded at $12 per share on the negotiation date. Prepare journal entries to record the issuance of the stock for the building The Co. issued 400 common shares to Mr. Smith for legal services. Mr. Smith's fee is $6,500. The market price of the share is $15. 9 The Co issued 3,000 common shares to Spike Co for purchase of drilling equipment with an invoice price of $60,000. The market price of the share is unknown h The Co. sold 65,000 common shares at $18 In September of that year, the company purchased 5,000 of its common shares at $12 per share to avoid a hostile take over. What is the outstanding No. of common shares at the end of December 2019