Question - Coronado Corporation is authorized to issue 55,000 shares of $5 par value common stock. During 2017, Coronado took part in the following selected transactions.
1. Issued 4,500 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $9,100.
2. Issued 1,200 shares of stock for land appraised at $55,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance.
3. Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2013 at $41 per share.
(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.