Question
a corporation issues 1,800 shares of $10 par value common stock in exchange for land with a current market value of $25,000. Which of the
a corporation issues 1,800 shares of $10 par value common stock in exchange for land with a current market value of $25,000. Which of the following happens as a result of this transaction?
a. the land account is debited for $25,000
b. the land account is credited for $18,000
c. the land account is debited for $18,000
d. the land account it credited for $23,000
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
