Question
Windsor Corp., a private company, obtained land by issuing 1,830 of its common shares. The land was appraised at $ 83,000 by a reliable, independent
Windsor Corp., a private company, obtained land by issuing 1,830 of its common shares. The land was appraised at $ 83,000 by a reliable, independent valuator on the date of acquisition. Last year, Windsor sold 1,800 common shares at $ 41 per share.
Prepare the journal entry to record the land acquisition if Windsor 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 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
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