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Please answer in Excel format with proper labels and detailed formulas for a great rating. Thank you! Lindsey Hunter Corporation is authorized to issue 50,000
Please answer in Excel format with proper labels and detailed formulas for a great rating. Thank you!
Lindsey Hunter Corporation is authorized to issue 50,000 shares of exist5 par value common stock. During 2014, Lindsey Hunter took part in the following selected transactions. 1. Issued 5,000 shares of stock at exist45 per share, less costs related to the issuance of the stock totaling exist7,000. 2. Issued 1,000 shares of stock for land appraised at exist50,000. The stock was actively traded on a national stock exchange at approximately exist46 per share on the date of issuance. 3. Purchased 500 shares of treasury stock at exist43 per share. The treasury shares purchased were issued in 2010 at exist40 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost methodStep by Step Solution
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