CY Acquired Some Land in Exchange for 80 of Its

question 19

Essay

CY acquired some land in exchange for 80 of its own common shares. The shares were traded widely and sold at the time for $120 per share. The land is similar to other tracts, which recently sold for $10,000. Give the entry for the acquisition of the land. Below the entry, justify the basis for the amount you used in the entry.