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

Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $244,000 and the building at $378,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

Journal Entry

-Record the issue of 17,000 shares of $7 par value common stock in exchange for land valued at $244,000 and a building valued at $378,000.