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9 October, 15:47

A corporation issued 5,400 shares of $10 par value common stock in exchange for some land with a market value of $78,000. the entry to record this exchange is:

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  1. 9 October, 15:59
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    To record this transaction, the journal entry is

    Debit:

    Land $78000

    Credit

    Common Stock $54,000

    Paid in Capital in Excess Par Value Common Stock $24,000

    The paid in capital means that is the excess received from the shareholders over the par value (or the stated value) of the stocks issued.
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