A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:

A debit to Land for $12,000

Explanation:

The entry to record in this transaction include a debit to Land for $12,000

Particulars                        Debit             Credit

Land                                  $84,000

Common stock                                      $12,000

(6,000 * $2)

Paid in capital in excess                        $72,000

of par, common stock

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