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(1) An accounting intern recently made the following entries. May 2 Cash $140,000 Common Stock $140,000 (Issued 10,000 shares of common stock of $10 stated value at $14 per share.) May 10 Cash $700,000 Preferred Stock $700,000 (Issued 10,000 shares of $50 par value preferred stock for $70 per share.) May 15 Common Stock $20,000 Cash $20,000 (Purchased 1,000 shares of common stock for the treasury for $20 per share.) May 31 Cash $12,500 Common Stock $10.000 Gain on Sale of Stock $2,500 (Sold 500 shares of treasury stock at $25 per share.) Based upon the explanation, make the correct entry for each of the above entries. No further explanation required. Date Account Dr. Cr. (2) Mary Me Not Corporation has $10 par value common stock is actively traded at a market price of $20 per share. Mary issues 5,000 shares to purchase land advertising for sale at $120,000. Journalize the issuance of the stock in exchange for the land. (3) On August 15, Joe Rainey Corporation purchases 500 shares of par value common stock for the treasury at a cash price of $10 per share. On November 19, it sells 300 shares of the treasury stock for $15 per share. Journalize the two transactions. (4) In and Out Retailers sell 2,000 shares of $200 par value preferred stock for $220 each. Journalize the entry.

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Accounting Questions
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