1. A company acquires land by issuing 10,100 shares of its $15 par value common stock currently trading at $15 per share and the appraised value of the land is $251,000. Which of the following statements correctly describes the recording of the land?

2. Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:

Date	Transaction	Number of Units	Cost per Unit
1/1	Beginning Inventory	110	$810
5/5	Purchase	210	$910
8/10	Purchase	310	$1,010
10/15	Purchase	205	$1,060

During the year, Lauer sold 775 laptop computers. What was cost of goods sold using the LIFO cost flow assumption?

3. On March 15, 2014, Ryan Company purchased $11,900 of merchandise on credit subject to terms of 3/10, n/30. Ryan Company records its purchases using the gross amount. The periodic inventory system is used. Which of the following journal entries is correct when Ryan Company pays for these goods on March 30, 2014?

Accounts payable	11,900
Cash		11,900

Accounts payable	11,900
Cash		11,543
Purchase discounts		357

Accounts payable	11,543
Purchase discounts	357
Cash		11,900

Accounts payable	11,543
Cash		11,543