LALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Brief Exercise

Question

LALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 10-7 $46 per share Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no Kingbird Company obtained land by issuing 2,850 shares of its $16 par value common stock. The land was recently appraised at $136,000. The common stock is actively traded at entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Click if you would like to Shoe work for this question: Onen Show Work SHOW LIST OF ACCOUNIS TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Question Attempts: O of 3 used SAVE RATERSUBHIT ANSWER pe

Explanation / Answer

Account titles and explanation Debit Credit Land(2,850 × $46) $131,100 Paid-in Capital in Excess of Par - Common Stock $85,500 Common Stock(2,850 × $16) $45,600

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