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2 Flower Corporation issued 16,000 shares of its $1 par value common stock in exchange for land that had a fair market value of
2 Flower Corporation issued 16,000 shares of its $1 par value common stock in exchange for land that had a fair market value of $100,000. Prepare the journal entries to record the issuance of the stock for the land under each of these conditions: a The stock was selling for $7 per share on the day of the transaction. b Management attempted to place a value on the common stock but could not do so.
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