Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share.

a. Create the journal entries to record the share issuances and the purchase of the common shares.

b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock.

c. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock.

Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. at Prepare thejournal entries to record the share issuances and the purchase of the common shares b. Assume that Inland sold 2,000 shares of the treasury stock at $30 per share Prepare the general journal entry to record the sale of this treasury stock ca Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 per share' Prepare the journal entry to record the sale of this treasury stock' Generaljuurnal Description Debit Credll a. Cash 9 0 0 V Common Stock 0 v 0 x Paid-in-Capital in Excess of Par Value - Common Stock ./ 0 ./ o 3: Issued common stock. Cash 6 v x o v 8 Percent Preferred Stock 0 V 0 X Paid-in-Capital in Excess of Far Value - Preferred Stock 0 v 0 x Issued preferred stock. Treasury Stock - Common : v 0 x 0 v Cash ./ 0 ./ o 3: Acquired common stock. b. Cash c v x o v Treasury Stock - Common 6 ~/ v 0 x Paid-in-Capitalfrom Treasury Stock. 0 v 0 x Sold shares of treasury stock. C. Cash 3 v 0 X 0 V Paid-in-Capital from Treasury Stock 0 x 0 V Treasury Stock - Common 6 v v 0 x Sold shares of treasury stock