It gets cut off, but it reads Exercise 114 Stock issuance for noncash assets LP1

Question

It gets cut off, but it reads Exercise 114 Stock issuance for noncash assets LP1 Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building The lan View transaction list Journal entry worksheet Record the issue of 7,000 shares of $7 par value common stock in exchange for land valued at $45,000 and a building valued at $85,000. Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journa Reterences eBook & Resources O Type here to search

Explanation / Answer

Land a/c dr. 45000

Building a/c dr. 85000

To ordinary share capital/stock a/c. 49000

To share premium/additional paid in capitala/c. 81000

Share premium is the balancing figure.

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