Sudoku Company issues 24,000 shares of $10 par value common stock in exchange fo

Question

Sudoku Company issues 24,000 shares of $10 par value common stock in exchange for land and a building. The land is valued at $243,000 and the building $372,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 24,000 shares of $10 par value common stock in exchange for land valued at $243,000 and a building valued at $372,000 Note: Enter debits before credits. Transaction General Journal Debit Credit

Explanation / Answer

Transaction General Journal Debit Credit 1 Land 2,43,000 Building 3,72,000 Common stock, $10 par value 2,40,000 Paid-in capital in excess of par value, common stock 3,75,000

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