Pharaoh Company obtained land by issuing 1,720 shares of its $14 par value ordinary shares. The land was recently appraised at $85,000. The ordinary shares are actively traded at $44 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered Do not indent manuallyIf no entry is required, select "No Entry" for the account titles and enter for the amounts)

Pharaoh Company obtained land by issuing 1,720 shares of its $14 par value ordinary shares. The land was recently appraised at $85,000. The ordinary shares are actively traded at $44 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered Do not indent manuallyIf no entry is required, select "No Entry" for the account titles and enter for the amounts)

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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