In 2023, 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.

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Intermediate Accounting Volume 2

ISBN: 9781119740445

13th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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Question Posted: Jul 04, 2023 07:50 AM

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In 2023, Abbotsford Inc. issued 1,000 common shares for land with a fair market value of $149,000.

Question:

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a b No effect c In the notes to the fi...View the full answer

Intermediate Accounting Volume 2

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