Sudoku company issues 24,000 shares of $8 par value common stock in exchange for land and a building. the land is valued at $236,000 and the building at $378,000. prepare the journal entry to record issuance of the stock in exchange for the land and building.

The journal entry for the issuance of the stock is shown below:

Explanation:

Land A/cDr    $236,000

Building A/cDr    $378,000

 Common Stock A/cCr $192,000

 Paid in Capital in excess of par value of Common stock A/cCr   $422,000

Working Note:

Common Stock = Number of shares × Rate per share

= 24,000 × $8

= $192,000

Paid in Capital in excess of par value of Common stock = (Land + Building) - Common Stock

= ($236,000 + $378,000) - $192,000

= $614,000 - $192,000

=$422,000

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