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Serjik [45]
3 years ago
5

intext:"A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,0

00. The entry to record this transaction would include"
Business
1 answer:
guajiro [1.7K]3 years ago
8 0

Answer:

Date     Account Titles and Explanation              Debit       Credit

              Land                                                         $84,000

                 Common stock                                                     $12,000

                  Paid in capital in excess of par value                 $72,000

Workings:

Amount of Common stock = Number of shares * Paid in capital per share

= 6,000 shares * $2

= $12,000

Amount of excess of paid in capital = Market value of land - Amount of common stock

= $84,000 - $12,000

= $72,000

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