On June 30, 2024, Ericson, Inc. purchased land. In payment for the land, Erickson, Inc. issued 10,000 shares of common stock with a $10 par value. The land had been appraised at a market value of $117,000. The journalentry to record this transaction would be:O Land100,000Common Stock-$10 Par ValueO LandCommon Stock-$10 Par ValuePaid-In Capital in Excess of Par-CommonO LandCommon Stock-$10 Par ValuePaid-In Capital in Excess of Par-CommonLandCommon Stock-$10 Par Value117,000137,000117,000100,000100,00017,000100.00037,000117,000

Answer :Journal entry to record the transaction : Account Title Debit Credit Land $117,000…

Answered: 00,000 117,000

Business

Accounting

00,000 117,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On June 30, 2024, Ericson, Inc. purchased land. In payment for the land, Erickson, Inc. issued 10,000 shares of common stock with a $10 par value. The land had been appraised at a market value of $117,000. The journal
entry to record this transaction would be:
O Land
100,000
Common Stock-$10 Par Value
O Land
Common Stock-$10 Par Value
Paid-In Capital in Excess of Par-Common
O Land
Common Stock-$10 Par Value
Paid-In Capital in Excess of Par-Common
Land
Common Stock-$10 Par Value
117,000
137,000
117,000
100,000
100,000
17,000
100.000
37,000
117,000

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