Business
Business, 28.11.2020 02:00, madpanda55

On August 25, a privately owned company exchanged 10,000 shares of its private common stock for land. There is no readily available estimate of the stock’s fair value but the land has a current appraised value of $240,000. The seller originally bought the land for $200,000 two years ago. The journal entry the buyer records for acquisition of the land includes:.A. A credit to common stock of $200,000.B. A credit to gain of $40,000.C. A debt to land for $240,000.D. All of these answer choices are correct.

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On August 25, a privately owned company exchanged 10,000 shares of its private common stock for land...

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