A company issues 3 6 , 4 0 0 shares of $ 1 par common stock with
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Question:
A company issues shares of $ par common stock with a fair value of $ per share based upon a recent sale of shares for land. The land is recently appraised at $ by independent and competent appraisers.
a Determine the cost used for recording the land acquired.
b Record the journal entry on the date of the lands acquisition.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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