Forest Construction Ltd. issued 5,000 common shares in exchange for a parcel of land on January 27. The shares were trading at $3.50 per share and the fair value of land was $20,000 on the date of the acquisition. The assessed value of the land for the property tax purpose is $15,000. The journal entry to record the transaction would include a

Question 38 options:

	debit Land $15,000
	credit Common Shares $ 17,500.
	credit Common Shares $20,000
	debit Loss on Land Acquisition $5,000