Inland Corporation issued 50,000 common shares with a par value of $4 to $25 per share and

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Question:

Inland Corporation issued 50,000 common shares with a par value of $4 to $25 per share and 9,000 shares with a par value of $36, ten percent preferred stock at $102 per share. Later, the company purchased 2,000 shares of its common stock for $28 per share.

a. Prepare journal entries to record stock issues and common stock purchases.
b. Suppose Inland sold 1,500 treasury shares for $34 per share. Prepare the general journal entry to record the sale of these treasury shares.
C. Suppose that Inland sold the remaining 500 treasury shares for $24 per share. Prepare the journal entry to record the sale of these treasury shares.