Sandbox SA is authorized to issue 1,000,000 $5 par value ordinary shares. In its first year, thecompany

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Sandbox SA is authorized to issue 1,000,000 $5 par value ordinary shares. In its first year, thecompany has the following share transactions.

Jan. 10 Issued 400,000 ordinary shares at $8 per share

July 1 Issued 100,000 ordinary shares for land. The land had an asking price of $900,000. The sharesare currently selling on a national exchange at $8.25 per share.

Sept 1 Purchased 10,000 ordinary shares for the treasury at $9 per share

Dec 1 Sold 4,000 treasury shares at $10 per shareInstructions:

Journalize the transactions.

Related Book For answer-question

Principles of Taxation for Business and Investment Planning 2016 Edition

ISBN: 9781259549250

19th edition

Authors: Sally Jones, Shelley Rhoades Catanach

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Posted Date: Feb 09, 2022 10:58 AM

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Sandbox SA is authorized to issue 1,000,000 $5 par value ordinary shares. In its first year, thecompany

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a Date Account Titles Explanations Debit Credit 10Jan Cash 400000 8 R320000 Common Stock 400000 5 R2... View the full answer

Principles of Taxation for Business and Investment Planning 2016 Edition

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