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.

Journal entry worksheet 1 Prepare the appropriate journal entry for this exchange transaction Note: Enter debits before credits. Debit Event General Journal Credit 1 Record entry Clear entry View general journal