Question
Li & Tu, Inc., needed land for a plant site. It issued 100 shares of USD 480 par value common stock to the incorporators of
Li & Tu, Inc., needed land for a plant site. It issued 100 shares of USD 480 par value common stock to the incorporators of their corporation in exchange for land, which cost USD 56,000 one year ago. Experienced appraisers recently valued the land at USD 72,000. What journal entry would be appropriate to record the acquisition of the land?
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Excel For Auditors
Authors: Bill Jelen, Dwayne K. Dowell
1st Edition
1932802169, 978-1932802160
