Issuing Stock for Assets Other Than CashOn April 5. Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 27,000 shares of $12 par common stock valued at $19 per share.Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.Apr. 5

Answered: in exchange for 27,000 shares of $12…

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in exchange for 27,000 shares of $12 par common stock va quire an entry, leave it blank.

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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Concept explainers

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.

Question

Issuing Stock for Assets Other Than Cash
On April 5. Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 27,000 shares of $12 par common stock valued at $19 per share.
Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.
Apr. 5

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answer in text form please (without image), Note: .Every entry should have narration please