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QUESTION
Soku Company issues 36,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $225,000 and the building...
Soku Company issues 36,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $225,000 and the building at $360,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.
SOLUTION:Journal Entry in the books of Soku CompanyParticularsLandBuildingCommon StockAdditional Paid in Capital(To record issue of common stock in exchnage of assets.) Debit Credit...