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
Optional Information: Level/Year: 2Subject: Accounting
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