Sizzlers issued 4,000 shares of its $10 par value common stock for some land. The land...
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Sizzlers issued 4,000 shares of its $10 par value common stock for some land. The land had a fair market value of $60,000. Prepare the entries in journal form necessary to record the stock issue for the land under each of the following conditions: a. The stock was selling for $14 per share on the day of the transaction. b. Management attempted to place a market value on the common stock but could not do so. Sizzlers issued 4,000 shares of its $10 par value common stock for some land. The land had a fair market value of $60,000. Prepare the entries in journal form necessary to record the stock issue for the land under each of the following conditions: a. The stock was selling for $14 per share on the day of the transaction. b. Management attempted to place a market value on the common stock but could not do so.
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a In this condition where the stock was selling for 14 per share on the day of the transaction the ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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