Question
As of December 31, 2019,MontyLtd., a public company, has50,000common shares outstanding. During 2020,Montyhad the following transactions. 1. Issued6,000common shares at $34per share, less $5,000in costs
As of December 31, 2019,MontyLtd., a public company, has50,000common shares outstanding. During 2020,Montyhad the following transactions.
1.Issued6,000common shares at $34per share, less $5,000in costs related to the issuance of the shares.
2.Issued3,340common shares for land appraised at $138,580. The closing price for the shares traded on the TSX was $37per share on the date of issuance.
3.Purchased and retired700of the company's shares at $32per share. The repurchased shares have an average issue price per share of $35.
(a)
Prepare the journal entries to record the three transactions listed.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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