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29 December, 22:58

Prepare the journal entry to record Autumn Company's issuance of 78,000 shares of no-par value common stock assuming the shares:

a. Sell for $32 cash per share.

b. Are exchanged for land valued at $2,496,000.

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  1. 29 December, 23:18
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    A Journal entry was recorded for Autumn Company which is given below.

    Explanation:

    Solution

    (A) Journal Entry:

    No Account and Explanation Debit Credit

    a Cash (78000*32) 2496000

    Common Stock 2496000

    (To record issued common stock)

    (B) Journal Entry:

    No Account and Explanation Debit Credit

    b Land 2496000

    Common Stock 2496000

    (To record issued common stock)
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