Shamrock Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2020, Shamrock took part in the following selected transactions. 1. Issued 5,300 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $4,900. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance.

Explanation:

The Journal entry is shown below:-

1. Cash Dr, (5,300 × $48)                       $254,400

       To common stock ($5,300 × $5)                   $26,500

        To paid in capital of per common stock       $227,900

(Being common stock issued is recorded)

2. Land Dr, (1,100 × $49)                         $53,900

         To common stock ($1,100 × $5)                   $5,500

          To paid in capital of per common stock       $48,400

(Being land purchased in exchange of common stock is recorded)

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