a. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash. b. Soku

Question:

a. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash.

b. Soku Company issues 25,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $243,000 and the building at $372,000.

Prepare the journal entry to record issuance of the stock in exchange for the land and building.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...