On December 2, 2014, Ewell Company Purchases a Piece of Land

question 76

Essay

On December 2, 2014, Ewell Company purchases a piece of land from the original owner. In exchange for the land, Ewell Company issues 8,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $400,000. Provide the journal entry for this transaction.

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Definitions:

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