On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000Prepare the February 1, 2017 Journal EntryO Cash$15.000Common StockS15,000Cash$31,000Common Stock$31.000$31 000O LandCommon StockS31 000O Land$31,000Common Stock$15 000Additional Paid-in-Capital C/S S15.000

On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000 Prepare the February 1, 2017 Journal Entry O Cash $15,000 Common Stock $15,000 O Cash $31,000 Common Stock S31,000 O Land $31,000 Common Stock $31.000 Land $31,000 Common Stock $15.000 Additional Paid-in-Capital C/S $15.000

On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000 Prepare the February 1, 2017 Journal Entry O Cash $15,000 Common Stock $15,000 O Cash $31,000 Common Stock S31,000 O Land $31,000 Common Stock $31.000 Land $31,000 Common Stock $15.000 Additional Paid-in-Capital C/S $15.000

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

On Feburary 1, 2017 Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000
Prepare the February 1, 2017 Journal Entry
O Cash
$15.000
Common Stock
S15,000
Cash
$31,000
Common Stock
$31.000
$31 000
O Land
Common Stock
S31 000
O Land
$31,000
Common Stock
$15 000
Additional Paid-in-Capital C/S S15.000

Expert Solution

Step 1

Given,

Shares issued = 3,000 shares

Par value = $5

Land value = $31,000

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