Reference no: EM132674729
Dec 31, 2017 Love's Inc had the following balances in its shareholders equity on the balance sheet:
Common Stock, $.50 par $300,000
APIC - Common Stock $4,00,000
APIC - Share Repurchase $50,000
Retained Earnings $2,000,000
Treasury Stock, at cost, 30,000 shares ($600,000)
During 2018, Love completed:
- On Feb 20, Issued 40,000 shares of common stock with a $.50 par value in exchange for a machine with an appraised value of $800,000.
- On June 17, Resold 15,000 shares of treasury stock for $240,000. The treasury stock that was resold related to common stock originally issued for $18 per share and reacquainted for $20 per share in 2017.
- On Dec 2, Issued 10,000 shares of common stock for $24 per share. Share issue costs to promote the stock issuance totaled $15,000.
Question 1: What is the required Journal Entry on February 20?
Question 3: What is the required journal entry on June 17th?
Question 4: What is the required journal entry on Dec 2nd?
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