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On Feb. 27th, 2020, Bryan Corp issued 25,000 shares of its $10 par value stock and 5,000 shares of its $50 par value preferred stock
On Feb. 27th, 2020, Bryan Corp issued 25,000 shares of its $10 par value stock and 5,000 shares of its $50 par value preferred stock in exchange for Land worth $600,000 and organizational expenses worth $25,000. On this date, the common stock was selling for $12 per share. Prepare the journal entry to record the transaction. Land 600,000 Organization expense 25,000 Common stock 250,000 Prefered common stock 250,000 Paid in capital in excess of par, common stock 125,000
What i have is:
Land | 600,000 | |
Organization expense | 25,000 | |
Common stock | 250,000 | |
Prefered common stock | 250,000 | |
Paid in capital in excess of par, common stock | 125,000 |
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