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Scilla [17]
3 years ago
6

A corporation issued 6,200 shares of $10 par value common stock in exchange for some land with a market value of $94,000. The en

try to record this exchange is:
Business
1 answer:
andreev551 [17]3 years ago
6 0

Answer:

Debit Land $94,000; credit Common Stock $62,000; credit Paid-In Capital in Excess of Par Value, Common Stock $32,000

Explanation:

Preparation of what The entry to record this exchange is:

Debit Land $94,000

Credit Common Stock $62,000

(6,200*$10)

Credit Paid-In Capital in Excess of Par Value, Common Stock $32,000

($94,000-$62,000)

(To record exchange)

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1,000,000

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For each of the following cash activities, choose the appropriate letter to match the activity with the internal control princip
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