Problemfielder company obtained land by issuing 2970 shares, Ask an Expert

Finance

Problem:

Fielder Company obtained land by issuing 2,970 shares of its $10 par value common stock. The land was recently appraised at $123,140. The common stock is actively traded at $40 per share.

Required:

Question: Prepare the journal entry to record the acquisition of the land.

Note: Please describe comprehensively and provide step by step solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91174695

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