HW 15 (1) - HWCh.15 Q1)Overland Corporation is authorized...

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HW – Ch.15 Q1)   Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2007, Overland Corporation took part in the following selected transactions. 1.  Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000. 2.  Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange at approximately $78 per share on the date of issuance. 3.  Purchased 6,000 shares of treasury stock at $74 per share. The treasury shares purchased were issued in 2003 at $46 per share. Instructions (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. Q2) The stockholders’ equity accounts of Palmetto Company have the following balances on December 31, 2007. Common stock, $1 par, 1,500,000 shares issued and outstanding $ 1,500,000 Paid-in capital in excess of par 6,900,000 Retained earnings 25,750,000 Shares of Palmetto Company stock are currently selling on the Philadelphia Stock Exchange at $17. Instructions
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This note was uploaded on 04/09/2010 for the course ACC 5110 taught by Professor Lee during the Winter '10 term at Wayne State University.

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HW 15 (1) - HWCh.15 Q1)Overland Corporation is authorized...

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