In 2008, Mufosta Inc. issued 1,000 shares of $10 par value common stock for land worth $50,000.
Question:
In 2008, Mufosta Inc. issued 1,000 shares of $10 par value common stock for land worth $50,000.
(a) Prepare Mufosta’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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Related Book For 
Intermediate Accounting 2007 FASB Update Volume 2
ISBN: 9780470128763
12th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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