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Prepare journal entries for the above transactions

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Question - On June 1, Jones Corporation issued 5,000 shares of $10 par value common stock for $18 per share. On June 15, Jones issued 10,000 shares of common stock (with the same par value of $10) in exchange for a machine with a fair market value of $60,000 and a building with a fair market value of $120,000.

Required -

a) Prepare journal entries for the above transactions.

On June 20 Jones bought 3,000 of its own shares for $22 per share. On June 29 Jones re-sold 1,500 of its own shares for $20 because it needed cash.

b) Prepare journal entries for these transactions?

c) How many common shares are outstanding at the end of June 29?

Reference no: EM132494951

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