The journal entries to record the stock-related transactions for Maine Corp are as follows:
<h3>Journal Entries:</h3>
a) Debit Cash $144,000
Credit Common Stock $20,000
Credit Additional Paid-in Capital $124,000
(To record the issuance of 2,000 shares of $10 par at $72 each.)
b) Debit Land $130,000
Credit Common Stock $25,000
Credit Additional Paid-in Capital $105,000
(To record the issuance of 2,500 shares of $10 par for $130,000 land.)
c) Debit Treasury Stock $4,000
Debit Additional Paid-in Capital $24,000
Credit Cash $28,000
(To record the purchase of 400 shares at $70 each.)
d) Debit Cash $30,400
Credit Treasury Stock $4,000
Credit Additional Paid-in Capital $26,400
(To record the resale of 400 treasury stock shares at $76 each.)
<h3>Transaction Analysis:</h3>
a) Cash $144,000 Common Stock $20,000 Additional Paid-in Capital $124,000
b) Land $130,000 Common Stock $25,000 Additional Paid-in Capital $105,000
c) Treasury Stock $4,000 Additional Paid-in Capital $24,000 Cash $28,000
d) Cash $30,400 Treasury Stock $4,000 Additional Paid-in Capital $26,400
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