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Cedar Corporation issued 36,000 shares of ​$1 par value common stock in exchange for a building with a market value of $ 160, 000. Record the stock issuance.

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hyderali230

Answer:

Journal Entry to record the transaction

                                  Dr.                   Cr.

Building                  $160,000

Common Stock                           $36,000

Add-in-capital Common stock   $124,000

Explanation:

Market Value of Building = $160,000

Common stock value = 36,000 x $1 = $36,000

Add-in-Capital Common stock = $160,000 - 36,000 = $124,000

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