In 2025, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.

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In 2025, Leppard Inc. issued 1,000 shares of $10 par value common stock 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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Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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