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16 May, 18:26

Sudoku Company issues 33,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $228,000 and the building at $361,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

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  1. 16 May, 18:45
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    Answer and Explanation:

    Journal Entry:

    Debit Credit

    Land $ 228,000

    Building $ 361,000

    Common Stock $ 297,000

    Paid in capital in excess of Par Value - Common Stock $ 292,000
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