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  3. 2, expansion company purchased land, building and

2, Expansion Company purchased land, building and equipment in a single transaction by making a...

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Accounting

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2, Expansion Company purchased land, building and equipment in a single transaction by making a cash payment of $1,500 and issuing a 1,000 shares of its $5 par common stock. The stock is actively trading at $30 a share. The estimated fair values of the assets are as follows: Land- $8,000; Building - $22,000; Equipment - $6,000. Prepare the journal entry to record this purchase

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