XYZ Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year, the company

Question

XYZ Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year, the company has the following stock transactions. Jan. 10 Issued 400,000 shares of stock at $5 per share. July. 1 Issued 100,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $8.25 per share. Sept. 1 Purchased 10,000 shares of common stock for the treasury at $9 per share. Dec. 1 Sold 4,000 shares of the treasury stock at $10 per share. Instructions: Journalize the transactions above. Could you help me I am midlle of something ? need your help ?? wil give you tons of thumbs up please

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Journal Date Particulars Debit Credit Calculations Jan-10 Cash Dr 2,000,000 400,000 x 5 To Common Stock 2,000,000 (Being issue of 400,000 shares of stock at par) Jul-01 Land Dr 850,000 Balance To Common Stock 500,000 100,000 x 5 To Additional Paid-In Capital 350,000 100,000 x (8.5 - 5) (Being stock issued at excess of par for purchase of Land) Sep-01 Treasury Stock Dr 90,000 10,000 x 9 To Cash 90,000 (Being 10,000 shares of treasury stock purchased) Dec-01 Cash Dr 40,000 4,000 x 10 To Treasury Stock 36,000 4,000 x 9 To Additional Paid-In Capital 4,000 Balance (Being 4,000 shares of treasury stock sold for gain)

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XYZ Corporation is authorized to issue 1,000,000 shares of $5 par value common stock

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Journal
Date	Particulars	Debit	Credit		Calculations
Jan-10	Cash		Dr	2,000,000			400,000 x 5
	To	Common Stock		2,000,000
	(Being issue of 400,000 shares of stock at par)

Jul-01	Land		Dr	850,000			Balance
	To	Common Stock		500,000		100,000 x 5
	To	Additional Paid-In Capital		350,000		100,000 x (8.5 - 5)
	(Being stock issued at excess of par for purchase
	of Land)

Sep-01	Treasury Stock	Dr	90,000			10,000 x 9
	To	Cash			90,000
	(Being 10,000 shares of treasury stock purchased)

Dec-01	Cash		Dr	40,000			4,000 x 10
	To	Treasury Stock		36,000		4,000 x 9
	To	Additional Paid-In Capital		4,000		Balance
	(Being 4,000 shares of treasury stock sold for gain)