Asked by Aiysha Edwards on Jul 01, 2024
Verified
On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current market price of $73. Journalize this transaction.
Par Common Stock
The nominal or face value assigned to common stock shares in the corporate charter.
Market Price
The ongoing rate for buying or selling an asset or service in the open market.
Land
Real estate or property, minus buildings and equipment, that is considered a fixed asset on a company's balance sheet.
- Record stock operations such as issuance, announcing dividends, and dealings in treasury shares.
- Comprehend and examine the procedures involved in the issuance of common and preferred shares.
Verified Answer
JC
Learning Objectives
- Record stock operations such as issuance, announcing dividends, and dealings in treasury shares.
- Comprehend and examine the procedures involved in the issuance of common and preferred shares.