Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 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 manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Debit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at
$40 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 manually. If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Credit
Debit
Transcribed Image Text:Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 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 manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Debit
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