A tract of land valued at $50,000 has been given to a corporation on July 31, 2016

Question:

A tract of land valued at $50,000 has been given to a on July 31, 2016 in exchange for 1,000 preferred shares.
Required:
1. Prepare the journal entry to record the transaction.
2. Where would the transaction be classified in the balance sheet?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...