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Chapter 24 question 2 The company issued 10,000 shares of its own 5 par-value common stock for land with a fair market value of 50,000.

Chapter 24 question 2

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The company issued 10,000 shares of its own 5 par-value common stock for land with a fair market value of 50,000. The company gave its president a loan of 75,000 and percent note receivable, dated December 22, 2013, and maturing two years later. The company sold a used truck for 8,00 in cash. The original cost of the truck was 24,000. Depreciation of 14,000 has been deducted

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