1. The Rolman 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 $8 per share.
July 1 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. 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
(a) Journalize the transactions.
(b) Prepare the stockholders’ equity section assuming the company had retained earnings of $200,000 at December 31.
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