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Larkspur Corp. a private company, obtained land by issuing 1,960 of its common shares. The land was appraised at $87,000 by a reliable, independent valuator

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Larkspur Corp. a private company, obtained land by issuing 1,960 of its common shares. The land was appraised at $87,000 by a reliable, independent valuator on the date of acquisition. Last year, Larkspur sold 1,300 common shares at $41 per share Viewin Acco Questi Account Prepare the journal entry to record the land acquisition if Larkspur prepares financial statements in accordance with ASPE (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Land Debit Credit 19600 Common Shares 19600

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