Land appraised at 80000 is purchased by issuing 1000 shares


Land appraised at $80,000 is purchased by issuing 1,000 shares of $20 par value common stock. The market price of the shares at the time of the exchange, based on active trading in the securities market, is $95 per share. Should the land be recorded at $20,000, $80,000, or $95,000? Explain.

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Financial Accounting: Land appraised at 80000 is purchased by issuing 1000 shares
Reference No:- TGS0778326

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