29,000 shares reacquired by Bridgeport Corporation for $55 per share were exchanged for undeveloped land that has an appraised value of $1,808,000. At the time of the exchange, the common stock was trading at $66 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

29,000 shares reacquired by Bridgeport Corporation for $55 per share were exchanged for undeveloped land that has an appraised value of $1,808,000. At the time of the exchange, the common stock was trading at $66 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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please make sure you are using the values in this question because they are differerent
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $365,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $227,000 and a building valued at $365,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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Kelly's Corp. authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: Kelly's Corp purchased a piece of land from the original owner. In payment for the land, Kelly's corp issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,200,000 The company sold 120,000 shares of common stock with $1 par value. Issued 25,500 shares of $20 par value preferred stock. Shares were issued at par. Earned net income of $764,000 Dividend declared and paid - $0.15 per share on common stock Dividend declared and paid - $5 per share on preferred stock 1a. Do the Journal entries and closing entries for the above transactions 1b. Do the owner’s equity section of the balance sheet only!

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