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Journal Entries

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5. The Baker Corporation is a publicly held corporation whose $10 par value stock is actively trading at $30 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $65,000. When recording this transaction, the Baker Corp will  a. Debit Land for $65,000.  b. Credit Common Stock for $60,000.  c. Credit Paid-in Capital in Excess of Par Value-common stock for $40,000.  d. Credit Paid-in Capital in Excess of Par Value-common stock for $45,000.  Make the Journal entry for the acquisition of the land below:  Land 65000  6. A corporation has the following account balances: Common Stock, $1 par value, $100,000; Paid-in Capital in Excess of Par Value-Common Stock, $200,000. The treasury contains 1,000 shares of common stock which cost $5 a share. Retained earnings has a $20,000 balance. Based on this information, which of these statements is incorrect?  a. Total paid-in capital is $315,000  b. Average issue price is $3 a share  c. Average issue price is $3.18  d. Number of shares outstanding is 99,000  SHOW THE PROOF (MATH WORK) FOR THE PROBLEM BELOW:  7. A company purchases 900 shares of its $25.00 par value stock at $35.00 per share. It then reissues 300 shares at $40.00 per share. The entry upon reissue of the stock would include a credit to  a. Cash for $1,500.  b. Treasury Stock for $1,500.  c. Retained Earnings for $1,500.  d. Paid-in Capital from Treasury Stock for $1,500.  Make the Journal entry for the purchase of the treasury stock:  Make the journal entry for the reissue (sale) of the treasury stock:  8. Make the journal entries for the treasury stock transactions listed below:  June 1: The company purchased 5,000 shares of their common stock for the treasury stock for $12 a share.  October 1: The company sold 1,500 shares of treasury stock for $13 a share.  December 1: The company sold 2,000 shares of treasury stock for $5 a share.