In 2023, Abbotsford Inc. issued 1,000 common shares for land with a fair market value of $149,000.
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In 2023, Abbotsford Inc. issued 1,000 common shares for land with a fair market value of $149,000.
(a) Prepare Abbotsford’s journal entry to record the transaction.
(b) Indicate the effect that the transaction has on cash.
(c) Indicate how the transaction is reported on the statement of cash flows.
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a b No effect c In the notes to the fi...View the full answer
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119740445
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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