Company charter authorizes 1,000,000 shares of common stock.  They purchased a piece of land and in payment fo the land, issues 400,000 shares of common stock with a $1.00 par value.  The land has been appraised at a market value of $1,480,000.  Journalize the entry

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.