A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with

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A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to record this exchange is:

Land account debit 70000
Common stock account credit 50000
Paid in capital account credit 20000

Related Book For answer-question

Fundamental financial accounting concepts

ISBN: 978-0078025365

8th edition

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

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Posted Date: Oct 08, 2018 12:23 AM

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A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with

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Fundamental financial accounting concepts

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