In 2019, Leppard Inc. issued 1,000 ordinary shares of $10 par value for land worth $40,000. a.
Question:
a. Prepare Leppard's journal entry to record the transaction.
b. Indicate the effect the transaction has on cash.
c. Indicate how the transaction is reported on the statement of cash flows.
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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a Land 40000 Share Capital x Ordinary 1000 X 10 10000 Sha...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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