Question
Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an independently appraised value of $100,000. Burkes common shares are
Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an independently appraised value of $100,000. Burkes common shares are not publicly traded. Burkes accountant suggests that the fair value of each share of stock is approximately $15. Prepare the appropriate journal entry for this exchange transaction.
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Financial Accounting
Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby
4th Canadian Edition
0070001499, 9780070001497
