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Vaughn Company obtained land by issuing 2,470 shares of its $10 par value common stock. The land was recently appraised at $103,240. The common
Vaughn Company obtained land by issuing 2,470 shares of its $10 par value common stock. The land was recently appraised at $103,240. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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Account Titles and Explanation Debit Credit Land 103240 Common Stock 2470 shares 10 par valu...Get Instant Access to Expert-Tailored Solutions
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