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On July 1, 2018, Jones Corporation, a new corporation, issued 40,000 shares of its common stock to finance a corporate headquarters building. The building has a fair market value of Rs. 1,200,000 and a book value of Rs. 800.000. Because Jones is a new corporation, it is not possible to establish a market value for its common stock. Prepare journal entries to record the issuance of stock for the building, assuming the following conditions: (1) the par value of the stock is Rs. 10 per share; (2) the stock is no-par stock; and (3) the stock has a stated value of Rs. 4 per share,

On July 1, 2018, Jones Corporation, a new corporation, issued 40,000 shares of its common stock to finance a corporate headquarters building. The building has a fair market value of Rs. 1,200,000 and a book value of Rs. 800.000. Because Jones is a new corporation, it is not possible to establish a market value for its common stock. Prepare journal entries to record the issuance of stock for the building, assuming the following conditions: (1) the par value of the stock is Rs. 10 per share; (2) the stock is no-par stock; and (3) the stock has a stated value of Rs. 4 per share,

Intermediate Accounting: Reporting And Analysis
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
Section: Chapter Questions
Problem 9P: Comprehensive Young Corporation has been operating successfully for several years. It is authorized...
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On July 1, 2018, Jones Corporation, a new corporation, issued 40,000 shares of its common stock to finance a corporate headquarters building. The building has a fair market value of Rs. 1,200,000 and a book value of Rs. 800.000. Because Jones is a new corporation, it is not possible to establish a market value for its common stock. Prepare journal entries to record the issuance of stock for the building, assuming the following conditions: (1) the par value of the stock is Rs. 10 per share; (2) the stock is no-par stock; and (3) the stock has a stated value of Rs. 4 per share,
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