Autosaver 3 8 , Home View Insert Draw Page Layout Formulas Calibri (Body) 11 A A shop BLUE CA Data = Review = HW u Developer Wrap Text Gener Marge & Centers $ C D E F G Exercise F Gordon Company issued 10,000 shares of common stock for $ 1,120,000 cash. The common stock has a par value of $ 100 per share. Give the journal entry for the stock issuance. GENERAL JOURNAL POST REF. Date Account/Description Debit Credit Exercise H AutoSaver HW Unit Home Insert View Developer Data Review = = 29 Wrap Text General Paste Draw Page Layout Formulas Calibri (Body) 11A A u v v v Av fe B Marge & Center $ 9 153 x A 18 Exercise H 1 & Tu, Inc., needed land for a plant site. It issued 100 shares of $ 480 par value common stock to the incorporators of their corporation in exchange for land, which cost $ 56,000 one year ago. Experienced appraisers recently valued the land at $ 72,000. What journal entry would be 19 appropriate to record the acquisition of the land? 20 GENERAL JOURNAL POST REF Date Account/Description Debit Credit NSSEN 133 x v fx 33 Exercise Kelly Company had outstanding 50,000 shares of $ 10 par value common stock, and had retained earnings of $ 800,000. The company reacquired 34 3,000 shares of its stock for cash at $40 per share 35 36 1. Give the entry to record the reacquisition of the stock 37 2. Give the entry to record the subsequent reissuance of 1,200 shares ofthis stock at $ 50 per share. 38 3. Give the entry to record the subsequent reissuance of 800 shares of this stock at $28 per share. 39 4. Give the entry to record the subsequent reissuance of the remaining shares of this stock at $35 per share. GENERAL JOURNAL POST REF. Date Account/Description Debit Credit 72 OTHER Sonny Shade, Roni Rain, and Chloe Cloud form the Stormy Season partnership. Sonny has a capital balance of $200,000; Roni $300,000; and 73 Chloe $600,000. They invite Sal Pond to join the partnership for $100,000 for a 1/6 Interest. 75 1. Give the entry to record the new partner. 76 2. Now assume that Sal paid $200,000 for a 1/10 interest. Give the entry 77 3. Now assume that Sal bought out Sonny's interest for $150,000. Give the entry. GENERAL JOURNAL POST REF. Account/Description Debit Credit