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A corporation issued 5,400 shares of $10 par value common stock in exchange for some land with a market value of $78,000. the entry to record this exchange is:

Respuesta :

shinmin
To record this transaction, the journal entry is

Debit:
Land $78000 

Credit
Common Stock $54,000
Paid in Capital in Excess Par Value Common Stock $24,000

The paid in capital means that is the excess received from the shareholders over the par value (or the stated value) of the stocks issued.

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