In 2017, Abbotsford Inc. issued 1,000 common shares for land with a fair market value of $149,000.
Question:
(a) Prepare Abbotsford's journal entry to record the transaction.
(b) Indicate the effect that the transaction has on cash.
(c) Indicate how the transaction is reported on the statement of cash flows.
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a Land 149000 Common Shares 149000 b No eff...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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