Ask Question
5 August, 19:13

Sudoku Company issues 24,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $369,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

+1
Answers (1)
  1. 5 August, 22:48
    0
    The journal entry is shown below:

    Land Dr $227,000

    Building Dr $369,000

    To Common Stock $216,000 (24,000 shares * $9)

    To Additional paid in capital in excess of par value - Common stock $280,000

    (Being the issuance of the stock in exchange for the land and the building is recorded)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Sudoku Company issues 24,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $227,000 and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers