FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In 2022, Margaritaville's Products completed the treasury stock transactions described below.

January 3:

Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at $110.

February 14:

Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $310,000.

September 18:

Sold 3 million treasury shares at $15 per share.

Margaritaville had issued 50 million shares of its $1 par common stock for $18 several years ago.

Required:

Record the above transactions assuming that Margaritaville's Products uses the cost method.

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