Question
ssuance of Stock 1) Corp. X issues 15,500 shs of $3 Par Common Stock in exchange for a parcel of land. At the time of
ssuance of Stock
1) Corp. X issues 15,500 shs of $3 Par Common Stock in exchange for a parcel of land. At the time of the exchange, the Land has a FMV of $60,000.
2) When the Market price is $5.00 per share, Corp Y issues 25,000 shares of of no-par stock.
REQUIRED: Record the journal entries for the above two transactions.
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
