XYZ Inc. has 10,000,000 shares of $60 par value preferred stock authorized, and 250,000,000 shares of $2 par value common stock authorized. The following transactions occurred during 2023:

1/1/23: XYZ issues 5,000,000 shares of common stock at a market price of $75.

1/9/23: XYZ issued 800,000 shares of preferred stock at a market price of $91.

2/15/23: XYZ issues 600,000 shares of common stock in exchange for land. The market value of the stock, at the time of the exchange, is $112 per share.

3/31/23: XYZ repurchases 1,000,000 shares of common stock at $115.

6/7/23: XYZ re-sells 300,000 treasury shares at $119.

9/19/23: XYZ re-sells 400,000 treasury shares at $65.

12/1/23: XYZ issues 65,000 shares of common stock to pay for legal expenses.

Record journal entries

Answer rating: 100% (QA)

Solution To record the journal entries 1123 XYZ issues 5000000 shares of common stock at a market pr... View the full answer