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Question description

(1)  Mary Me Not Corporation has $10 par value common stock is actively traded at a market price of $20 per share.  Mary issues 5,000 shares to purchase land advertising for sale at $120,000.  Journalize the issuance of the stock in exchange for the land.

(2)  On August 15, Joe Rainey Corporation purchases 500 shares of par value common stock for the treasury at a cash price of $10 per share.  On November 19, it sells 300 shares of the treasury stock for $15 per share.  Journalize the two transactions.

(3)  In and Out Retailers sell 2,000 shares of $200 par value preferred stock for $220 each.  Journalize the entry.

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(Top Tutor) Daniel C.
School: Carnegie Mellon University
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