The entry to record this exchange is: Debit Land $116,000; credit Common Stock $73,000; credit Paid-In Capital in Excess of Par Value, Common Stock $43,000.
Based on the information the appropriate journal entry to record the transaction is:
Debit Land $116,000
Credit Common Stock $73,000
(7,300 shares×$10)
Credit Paid-In Capital in Excess of Par Value, Common Stock $43,000
($116,000--$73,000)
Inconclusion the entry to record this exchange is: Debit Land $116,000; credit Common Stock $73,000; credit Paid-In Capital in Excess of Par Value, Common Stock $43,000.
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