Inland Corporation issued 50,000 shares of $3 par value common stock at $23 per share and 9,000 shares of $33 par value, ten percent preferred stock at $94 per share. Later, the company purchased 2,000 shares of its own common stock at $25 per share.

a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 1,500 shares of the treasury stock at $31 per share. Prepare the general journal entry to record the sale of this treasury stock. c. Assume that Inland sold the remaining 500 shares of treasury stock at $22 per share. Prepare the journal entry to record the sale of this treasury stock.

General Journal
Ref.	Description	Debit	Credit
a.	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Common stock	Answer	Answer
	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Issued shares of common stock.
	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	10% Preferred stock	Answer	Answer
	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Issued shares of preferred stock.
	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Acquired shares of common stock.
b.	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Treasury stock	Answer	Answer
	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Sold shares of treasury stock.
c.	AnswerCashPaid-in capital from treasury stockPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Paid-in-capital from treasury stock	Answer	Answer
	AnswerCashPaid-in capital from treasuryPaid-in capital in excess of par value - Common stockPaid-in capital in excess of par value - Preferred stockTreasury stock	Answer	Answer
	Sold shares of treasury stock.