In 2015, Leppard Inc. issued 1,000 ordinary shares of $10 par value for land worth $40,000. (a)
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In 2015, Leppard Inc. issued 1,000 ordinary shares of $10 par value for land worth $40,000.
(a) Prepare Leppard’s journal entry to record the transaction.
(b) Indicate the effect the transaction has on cash.
(c) Indicate how the transaction is reported on the statement of cash flows.
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Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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