Question

xercise 11-6 (algo) stock issuance for noncash assets lo p1 sudoku company issues 30,000 shares of $5 par value common stock in exchange for land and a building. the land is valued at $241,000 and the building at $372,000. prepare the journal entry to record issuance of the stock in exchange for the land and building.

Answer 1

11-4 Stock issuance for noncash assets LO P1 Sudoku Company issues 17,000 shares of
5
p
a
r
v
a
l
u
e
c
o
m
m
o
n
s
t
o
c
k
i
n
e
x
c
h
a
n
g
e
f
o
r
l
a
n
d
a
n
d
a
b
u
i
l
d
i
n
g
.
T
h
e
l
a
n
d
i
s
v
a
l
u
e
d
a
t
243,000 and the building at
371
,
000.
P
r
e
p
a
r
e
t
h
e
j
o
u
r
n
a
l
e
n
t
r
y
t
o
r
e
c
o
r
d
i
s
s
u
a
n
c
e
o
f
t
h
e
s
t
o
c
k
i
n
e
x
c
h
a
n
g
e
f
o
r
t
h
e
l
a
n
d
a
n
d
b
u
i
l
d
i
n
g
V
i
e
w
t
r
a
n
s
a
c
t
i
o
n
l
i
s
t
J
o
u
r
n
a
l
e
n
t
r
y
w
o
r
k
s
h
e
e
t
R
e
c
o
r
d
t
h
e
i
s
s
u
e
o
f
17
,
000
s
h
a
r
e
s
o
f
5 par value common stock in exchange for land valued at
243
,
000
a
n
d
a
b
u
i
l
d
i
n
g
v
a
l
u
e
d
a
t
371,000