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13 November, 02:05

A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:

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  1. 13 November, 03:13
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    A debit to Land for $12,000

    Explanation:

    The entry to record in this transaction include a debit to Land for $12,000

    Particulars Debit Credit

    Land $84,000

    Common stock $12,000

    (6,000 * $2)

    Paid in capital in excess $72,000

    of par, common stock
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