Marigold Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2025, Marigold took part in the following selected transactions.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Marigold Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2025, Marigold took part in the
following selected transactions.
a.
b.
C.
d.
Issued 5,000 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5,400.
Issued 1,200 shares of stock for land appraised at $46,000. The stock was actively traded on a national stock exchange at
approximately $50 per share on the date of issuance.
Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2021 at $41 per
share.
Retired the treasury shares purchased in part (c).
Prepare the journal entries to record these transactions using the cost method.
Transcribed Image Text:Marigold Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2025, Marigold took part in the following selected transactions. a. b. C. d. Issued 5,000 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5,400. Issued 1,200 shares of stock for land appraised at $46,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2021 at $41 per share. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method.
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