In 2015, Leppard Inc. issued 1,000 ordinary shares of $10 par value for land worth $40,000. (a)

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In 2015, Leppard Inc. issued 1,000 ordinary shares of $10 par value for land worth $40,000.

(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.

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