Question

jones corporation purchases land with a market value of $200,000 in exchange for 180,000 shares of its $1 par common stock. the journal entry to record this transaction is:

Answer 1

Jones Corporation exchanges 180,000 shares of its common stock with a par value of $1 for the purchase of land with a market value of $200,000. Debit Land for $20,000 in order to reflect this purchase. Credit Common Stock in the amount of $180,000 (180,000 shares * $1).

What is the name for company-issued and repurchased shares of its own stock?

A stock that was formerly in circulation but has since been bought back and is now owned by the corporation that issued it is referred to as treasury stock. Treasury stock is a counter equity account since it lowers the amount of total shareholders' equity on a company's balance sheet.

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