or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private common stock for a building. There is no readily available estimate of the stock's fair value. The building currently is selling for $100,000. The journal entry to record this transaction includes: Question 10 options: Credit: Stock revenue, $100,000. Credit: Cash, $100,000. Debit: Building, $100,000. No entry is recorded for this exchange.
or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private common stock for a building. There is no readily available estimate of the stock's fair value. The building currently is selling for $100,000. The journal entry to record this transaction includes: Question 10 options: Credit: Stock revenue, $100,000. Credit: Cash, $100,000. Debit: Building, $100,000. No entry is recorded for this exchange.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private common stock for a building. There is no readily available estimate of the stock's fair value. The building currently is selling for $100,000. The
Question 10 options:
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Credit: Stock revenue, $100,000. |
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|
Credit: Cash, $100,000. |
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|
Debit: Building, $100,000. |
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No entry is recorded for this exchange. |
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