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June 17 , Kinney Inc. issued 120,000 shares of its ( $ 0.10 ) par value common stock in exchange for land. On the date
June 17 , Kinney Inc. issued 120,000 shares of its ( $ 0.10 ) par value common stock in exchange for land. On the date of the transaction, the fair value of he common stock, evidenced by its market price, was ( $ 10 ) per share. The journal entry to record this transaction includes:
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