On July 1, 2020, x acquired land by issuing 10,000 shares of $1 par value...
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Accounting
On July 1, 2020, x acquired land by issuing 10,000 shares of $1 par value common stock. The appraised value of the land on the acquisition date was $120,000. The common stock is actively traded and had a market price of $10.00 per share on the acquisition date. Record the acquisition of the land.
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