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
Answer:
Common Stock ............................................... 350,000
Paid-In Capital in Excess of Par .................... 175,000