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  3. on august 25, a privately owned company exchanged

On August 25, a privately owned company exchanged 10,000 shares of its private common stock...

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Accounting

On August 25, a privately owned company exchanged 10,000 shares of its private common stock for land. There is no readily available estimate of the stocks fair value but the land has a current appraised value of $240,000. The seller originally bought the land for $200,000 two years ago. The journal entry the buyer records for acquisition of the land includes:

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On August 25, a privately owned company exchanged 10,000 shares of its private common stock for land. There is no readily available estimate of the stock's fair value but the land has a current appraised value of $240,000. The seller originally bought the land for $200,000 two years ago. The journal entry the buyer records for acquisition of the land includes: Multiple Choice O A credit to common stock of $200,000 O A credit to gain of $40,000 Adebt to land for $240,000 ooo All of these answer choices are correct

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