Prepare the journal entry to record item

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Reference no: EM131215650

Sandhill Corporation is authorized to issue 54,000 shares of $5 par value common stock. During 2017, Sandhill took part in the following selected transactions. 1. Issued 5,200 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $5,900. 2. Issued 1,000 shares of stock for land appraised at $54,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2013 at $40 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method.

Reference no: EM131215650

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Prepare the journal entry to record item : Sandhill Corporation is authorized to issue 54,000 shares of $5 par value common stock. During 2017, Sandhill took part in the following selected transactions. Issued 5,200 shares of stock at $42 per share, less costs related to the issuance of the s..

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