EX 13-5 Issuing stock for assets other than cash

On April 15, Hass Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 17,500 shares of $20 par common stock with a current market price of $30. Journalize the entry to record the transaction.


Answer:

Apr. 15 Land ...................................................................... 525,000
 Common Stock ............................................... 350,000
 Paid-In Capital in Excess of Par .................... 175,000 

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