Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $379,000 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 25,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $379,000. Note: Enter debits before credits Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $379,000 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 25,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $379,000. Note: Enter debits before credits Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 8EB: Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction...

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Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.
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