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On September 1, Tannenbaum acquired five acres of land, a building and some equipment in...

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Accounting

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On September 1, Tannenbaum acquired five acres of land, a building and some equipment in a lump-sum purchase. Tannenbaum paid $20,000 in cash and issued 10,000 shares of its own common stock for the property. The stock has a par value of $3 and was trading for $8 per share on the date of the purchase. According to appraisals the land had a fair value of $90,000, the building had a fair value of $45,000 and the equipment had a fair value of $15,000. Prepare the journal entry to record this transaction TT T Arial 3 (12pt) T-5. E. 225

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