On March 8, Daschen Inc., a publicly traded company, issued 5,000 preferred shares for cash of $30
Question:
On April 20, when the shares were trading at $35, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of $110,000.
(a) Prepare the journal entries for each transaction.
(b) Would your answer change if you were unable to determine the land's fair value on April 20?
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a Mar 8 Cash 150000 Preferred Shares 5000 30 150000 April 20 Land 110000 Pre...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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