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A company acquired land in exchange for 5,000 shares of its $10 par common stock. The fair market value of the land is $63,000, it
A company acquired land in exchange for 5,000 shares of its $10 par common stock. The fair market value of the land is $63,000, it is appraised at $60,000 and the stock is widely traded and was selling for $12.50 per share when exchanged for the land. At what amount should the land be recorded by A Company? What is the journal entry for this transaction?
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