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

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


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Submitted: 7 years ago.Category: Finance
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Answered in 23 minutes by:
2/10/2010
Financial Professional: Falak Naz, Accountant replied 7 years ago
Falak Naz
Falak Naz, Accountant
Category: Finance
Satisfied Customers: 532
Experience: I am a qualified Chartered Accountant. Currently i am working in financial institution.
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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
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Falak Naz
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