Business, 24.03.2021 18:50 katieh149

Buffalo Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2020, Buffalo took part in the following selected transactions. 1. Issued 4,500 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $6,300.
2. Issued 1,100 shares of stock for land appraised at $45,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance.
3. Purchased 530 shares of treasury stock at $46 per share. The treasury shares purchased were issued in 2016 at $43 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.

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Buffalo Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2020,...

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