Salem Corporation issued 2,000 shares of 5 par value stock for land. The land was advertised for sale at 10,500. At the time of the exchange, there is no established market price for the stock. The :land should be recorded at 20.000 .a O 10,500.b O 5,000 .c O 15,000.d O

Salem Corporation issued 2,000 shares of 5 par value stock for land. The land was advertised for sale at 10,500. At the time of the exchange, there is no established market price for the stock. The :land should be recorded at 20.000 .a O 10,500.b O 5,000 .c O 15,000.d O

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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Salem Corporation issued 2,000 shares of 5 par value stock for land. The land was advertised for sale at 10,500. At the time of the exchange, there is no established market price for the stock. The
:land should be recorded at
20,000.a O
10,500.b O
5,000 .c O
15,000.d O

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