E&F Corporation issued 3,000 shares of $10 par value common stock in exchange for a...
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Accounting
E&F Corporation issued 3,000 shares of $10 par value common stock in exchange for a tract of land valued at $135,000. Since all company stock is privately held, there is no market value for the stock. The journal entry to record this exchange includes a:
-credit to Paid-in-Capital in Excess of Par--Common Stock for $105,000
-debit to Land for $30,000
-credit to Common Stock for $135,000
-debit to Donated Capital for $105,000
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