Question

Prepare the journal entry to record Autumn Company’s issuance of 63,000 shares of no-par value common stock assuming the shares:

1. Sell for $29 cash per share.
2. Are exchanged for land valued at $1,827,000.

• 1. Record the issuance of 63,000 shares of no-par value common stock assuming the shares sell for $29 cash per share.

• 2. Record the issuance of 63,000 shares of no-par value common stock assuming the shares are exchanged for land valued at $1,827,000.

Answer 1

Transaction	Account Titles and Explanataions	Debit (in $)	Credit (in $)
a.	Cash (63,000 shares x $29)	$1,827,000
	Common stock - No Par		$1,827,000
	(To record the Issue of Shares )
b.	Land	$1,827,000
	Common stock - No Par		$1,827,000
	(To record the Issue of Shares in exchange of land)