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(a) Issued 1,000 shares of $10 par common stock at $56. (b) Issued 1,400 shares of...

(a) Issued 1,000 shares of $10 par common stock at $56. (b) Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. (c) Purchased 100 shares of treasury stock at $25. (d) Sold the 100 shares of treasury stock purchased in (c) at $30. Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

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Answer #1
No. Account Titles and Explanation Debit Credit
a. Cash. (1000*56) $56,000
Additional paid in capital - Common stock $46,000
Common stock (1000*10) $10,000
b. Equipment $21,000
Additional paid in capital common stock $7,000
Common stock *1400*10) $14,000
c. Treasury stock (100*25) $2500
Cash $2500
d. Cash $3,000
Treasury stock $2500
Profit on sale of Treasury stock $500
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