Exercise 13-4 Stock issuance for noncash assets LO P1 Sudoku Company issues 34,0

Question

Exercise 13-4 Stock issuance for noncash assets LO P1

Sudoku Company issues 34,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $228,000 and the building at $370,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

Journal entry worksheet Record the issue of 34,000 shares of $7 par value common stock in exchange for land valued at $228,000 and a building valued at $370,000. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Transaction General Journal Debit ($) Credit ($)                      1 Land        228,000 Building        370,000            Common shares, $7 par value 238,000            Paid in capital in excess of par value 360,000 (Common shares issued in exchange of assets)

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