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KJ Company received a piece of land at market value for $80,000. The asking price was $90,000. Through this transaction, 30,000 common shares were issued
- KJ Company received a piece of land at market value for $80,000. The asking price was $90,000. Through this transaction, 30,000 common shares were issued with a par value of $1 per share. Prepare the corresponding accounting record.
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Step: 1
The accounting record for KJ Companys transaction should reflect the fair value of the land received ...
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
