On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000 Prepare the February 1, 2017 Journal Entry O Cash $15,000 Common Stock $15,000 O Cash $31,000 Common Stock S31,000 O Land $31,000 Common Stock $31.000 Land $31,000 Common Stock $15.000 Additional Paid-in-Capital C/S $15.000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
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On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000
Prepare the February 1, 2017 Journal Entry
O Cash
$15.000
Common Stock
S15,000
Cash
$31,000
Common Stock
$31.000
$31 000
O Land
Common Stock
S31 000
O Land
$31,000
Common Stock
$15 000
Additional Paid-in-Capital C/S S15.000
Transcribed Image Text:On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000 Prepare the February 1, 2017 Journal Entry O Cash $15.000 Common Stock S15,000 Cash $31,000 Common Stock $31.000 $31 000 O Land Common Stock S31 000 O Land $31,000 Common Stock $15 000 Additional Paid-in-Capital C/S S15.000
Expert Solution
Step 1

Given,

Shares issued = 3,000 shares

Par value = $5

Land value = $31,000

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