During the year, Kwak, Inc., issued 40,000 shares of $1 par value common stock in exchange for
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During the year, Kwak, Inc., issued 40,000 shares of $1 par value common stock in exchange for land. The appraised value of the land was $580,000. Kwak’s common stock wastrading at $15 per share at the time of the exchange. Where, and in what amount, would Kwak report this transaction on the statement of cash flows for the period?
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Kwak Inc would not report the issuance of common stock in exchange for land on the statement ...View the full answer
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Related Book For
Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
8th Edition
Authors: Penne Ainsworth, Dan Deines
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