On December 2, 2017, St
Augustine, Inc purchases land. In exchange for the land, St. Augustine, Inc issues 8,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $400,000. Prepare the journal entry for this transaction.
What will be an ideal response
Land 400,000
Common Stock—$1 Par Value 8,000
Paid-In Capital in Excess of Par—Common 392,000
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