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27 January, 10:25

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.

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  1. 27 January, 12:46
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    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)
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