Sudoku Company issues 20,000 shares of $8 par value common stock in exchange for

Question

Sudoku Company issues 20,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $375,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 20,000 shares of $8 par value common stock in exchange for land valued at $231,000 and a building valued at $375,000. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Transaction General Journal Debit Credit 1 Land 2,31,000 Building 3,75,000 Common stock, $8 par value 1,60,000 Paid-in capital in excess of par value, common stock 4,46,000

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