Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no par value common stock assuming the shares a Sell for $15 cash per share b Are exchanged for land valued at $1,560,000 ...

a Cash 1560000 Common Stock NoPar Value ...

Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock

Question:

Prepare the journal entry to record Selectist Company’s issuance of 104,000 shares of no-par value assuming the shares:
a. Sell for $15 cash per share.
b. Are exchanged for land valued at $1,560,000.

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...