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21-12-2022
Business

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Edge Corporation issues 20,000 shares of $5 stated value no par stock in exchange for land with an advertised price of $125,000 when the stock is actively trading for $6 per share. Journalize the entry to recognize the exchange.land 120,000cs 100,000paid-in capital in excess of 20,000stated value- common stockThe more clearly determinable fair value is that of the stock since it is actively trading a $6 per share. Multiplying this figure by the 20,000 shares will result in a book value of $120,000 for the land. Common stock is journalized for its stated value, with the $20,000 excess credited to the paid-in capital in excess of par amount.

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