On July 1, 20xx, Floron, a new corporation, issued 20,000 shares of its common stock to finance

Question:

On July 1, 20xx, Floron, a new corporation, issued 20,000 shares of its common stock to finance a corporate headquarters building. The building has a fair market value of

$600,000 and a book value of $400,000. Because Floron is a new corporation, it is not possible to establish a market value for its common stock. Record the issuance of stock for the building, assuming the following conditions: (1) the par value of the stock is

$10 per share; (2) the stock is no-par stock; and (3) the stock has a stated value of

$4 per share.

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