Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1

Sudoku Company issues 19,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $366,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

• Record the issue of 19,000 shares of $8 par value common stock in exchange for land valued at $235,000 and a building valued at $366,000.