In 2020, Flint Inc. issued 1,200 shares of $10 par value common stock for land worth...

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In 2020, Flint Inc. issued 1,200 shares of $10 par value common stock for land worth $43,500. (a) Prepare Flint's journal entry to record the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Land Common Stock Paid-in Capital in Excess of Par-Common Stock (b) Indicate the effect the transaction has on cash. No Effect (c) Indicate how the transaction is reported on the statement of cash flows. Flint Inc. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Noncash Investing and Financing Activities Purchase of Land Through Issuance of Common Stock Debit $ LA $43,500 43,500 Credit $12,000 $31,500 In 2020, Flint Inc. issued 1,200 shares of $10 par value common stock for land worth $43,500. (a) Prepare Flint's journal entry to record the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Land Common Stock Paid-in Capital in Excess of Par-Common Stock (b) Indicate the effect the transaction has on cash. No Effect (c) Indicate how the transaction is reported on the statement of cash flows. Flint Inc. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Noncash Investing and Financing Activities Purchase of Land Through Issuance of Common Stock Debit $ LA $43,500 43,500 Credit $12,000 $31,500

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Answer a Journal Entry Accounts Debit Credit Land 43500 Common Stock1... View the full answer