Sudoku Company issues 34,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $374,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

Answer and Explanation:

The journal entry is shown below:

Land    $227,000  

Building$374,000

      To Common stock (34,000 × $6) $204,000

       To Paid-in capital in excess of par value, common stock$397,000

(being the issuance of the stock in exchange for the land and building is recorded)

The above journal entry should be passed

750 h and costs $0.60 per bulb.

answerup to (3) three years;