How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Falak Naz Your Own Question
Falak Naz
Falak Naz , Accountant
Category: Finance
Satisfied Customers: 532
Experience:  I am a qualified Chartered Accountant. Currently i am working in financial institution.
16788307
Type Your Finance Question Here...
Falak Naz is online now
A new question is answered every 9 seconds

A corporation issued 5,000 shares of $10 par value common st

Customer Question

A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $60,000. The entry to record this exchange is:


Read more: http://www.justanswer.com/questions/2836b-9-collins-and-farina-are-forming-a-partnership-collins-is#ixzz0en7BKzX7
Submitted: 6 years ago.
Category: Finance
Expert:  Falak Naz replied 6 years ago.

hi boop,

 

Land========dr.==============60,000

Common Stock=========cr.==============50,000

Premium on issue=======cr.==============10,000

to record the land on fair value and issuance of share at premium



Edited by Falak Naz on 2/10/2010 at 1:34 PM EST

Related Finance Questions