Poquito Corporation Had Both the Following Transactions Occur on the Same

question 75

Essay

Poquito Corporation had both the following transactions occur on the same day:
1. Issued 30,000 shares of its $5 par value common stock for $360,000 cash.
2. Issued 10,000 shares of its $5 par value common stock in exchange for land and a building. The building is estimated to have a market value of $90,000.
Prepare the entries in journal form to record the above transactions. Omit explanations, but show computations.

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