Issuing Stock for Assets other than Cash

On August 7, Easy Up Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $10 par common stock with a current market price of $14.

Illustrate the effect on the accounts and financial statements of the purchase of the land. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

Statement of Cash Flows	Balance Sheet	Income Statement
Assets	=	Liabilities	+	Stockholders' Equity
SelectCashLandNo effectItem 1	=	SelectAccounts PayableBonds PayableNo effectItem 2	+		SelectCommon StockNotes PayableNo effectItem 3	+	SelectLandPaid-In Capital in Excess of Par-Common StockNo effectItem 4
Aug. 7.
Statement of Cash Flows		Income Statement
SelectFinancingInvestingOperatingNo effectItem 9			SelectCost of merchandise soldNet incomeSalesNo effectItem 11