Instructions General Journal m Instructions Stock Issuance (Noncash Assets, Subscriptions, and Treasury Stock) 1. Prepare general journal entries for these transactions, identifying each by letter. If an amount box does not require an entry, leave it blank. Smith & Cline had the following stock transactions during the year: Issued 5,010 shares of common stock with a $7 par value in exchange for real estate (land) with a falr market value of $37,860, b. Issued 7,990 shares of common stock with a $7 par value and $8 fair market value in exchange for a building with an uncertain fair market value. Received subscriptions for 10,350 shares of $8 par common stock for $88,550. 8. Received a payment of $54,480 on the stock subscription in transaction (c). e. Received the balance in full for the stock subscription in transaction (C) and issued the stock. f. Purchased 2,000 shares of its own $8 par common stock for $9 a share. b. Sold 1,000 shares of the treasury stock in transaction (t) for $9.7 a share, h. Sold 1,000 shares of the treasury stock in transaction () for $8.65 a share. 4. Prepare general journal entries for these transactions, identifying each by letter. If an amount box does not require an entry, leave it blank Page: 1 DOC. POST DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 a. 1 2 2 3 3 4 4 5 b. 5 6 6 7 7 8 8 9 c C. 9 10 10 11 11 12 12 13 d. 13 14 14 u 15 III 15 16 e. 16 12 17 18 19 20 21 22 f. 3 2 3 NOLAN 25 g. II II I I MI I h. u