On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000. At the time of the stock issuance, the land and the building had fair market values of $45,000 and $95,000, respectively.
Required:
Write down the necessary journal entry.
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On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for lan...
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