ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At the time of the purchase, ROK's stock was selling for $20 a share and the land was worth $100,000. The journal entry to record this purchase would include a: Debit to Land of $100,000 O Debit to land of $30,000 O Debit to Land of $120,000 Credit to Common Stock of $120,000
ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At the time of the purchase, ROK's stock was selling for $20 a share and the land was worth $100,000. The journal entry to record this purchase would include a: Debit to Land of $100,000 O Debit to land of $30,000 O Debit to Land of $120,000 Credit to Common Stock of $120,000
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 44P
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