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On December 2, 2014, Ewell Company purchases land from the original owner. In exchange for the land,

Accounting
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On December 2, 2014, Ewell Company purchases land from the original owner. In exchange for the land, Ewell Company issues 8,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $400,000. Provide the journal entry for this transaction.

Dec 9th, 2014

Land (Dr.)$400,000. 

          (8,000 shares* $1.00)Common stock (Cr.) $8000

                 Paid in Capital in excess of Par(Cr.) $320,000

Dec 10th, 2014

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Dec 9th, 2014
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Dec 9th, 2014
Dec 3rd, 2016
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