Exercise 11-11A Issuing stock for assets other than cash LO 11-4

Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $29,680 for 1,060 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,120 shares of stock to Yuppy for $28 per share. Required a. What was the value of the land at the date of the stock issue?

Value of the land(. )

b. Show the effect of the two stock issues on Leuigs books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event.

	cash	land	common stock	Pic in Excess	Revenue	Netincome	cashflow
1-Exchange of land for shares
2-issue of additional shares