Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2014, overland Corporation took part in the following selected transactions.1. Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000.2. Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange at approximately $78 per share on the date of issuance.3. Purchased 6,000 shares of treasury stock at $74 per share. The treasury shares purchased were issued in 2003 at $46 per share.


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(a) Prepare the journal entry to record item 1.

(b) Prepare the journal entry to record item 2.

(c) Prepare the journal entry to record item 3 using the cost method.

On September 25, 2012, Lucas Corporation had a market price per share of common stock of $8. For the previous year, Lucas paid an annual dividend of $0.16.

Compute the dividend yield for Lucas Corporation.


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