Business, 25.04.2020 03:18, Nathaliasmiles

Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an independently appraised value of $100,000. Burke’s common shares are not publicly traded. Burke’s accountant suggests that the fair value of each share of stock is approximately $15. Prepare the appropriate journal entry for this exchange transaction.

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Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an indep...