On August 1,a Corporation Issued 15,000 Shares of No-Par Common

question 57

Essay

On August 1,a corporation issued 15,000 shares of no-par common stock in exchange for a tract of land with a market value of $215,000.The common stock has a stated value of $10 per share.Prepare the general journal entry to record this transaction.

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Definitions:

Adjustment

A change or modification made to correct, improve, or adapt something.

Basic Objective

Basic objective denotes a fundamental goal or purpose that an individual, group, or organization seeks to achieve.

Negative Thoughts

Refers to pessimistic or gloomy thoughts that can affect one's mood, behavior, and overall perception of life.

Direct Approach

A communication method that involves stating the main point or objective clearly and upfront, without circumlocution.