CHAPTER 10

(a) Land 81,000 Contribution Revenue 81,000 (b) Land 180,000 Buildings 630,000 Common Stock ($50 X 13,000) 650,000 Additional Paid-in Capital* 160,000 *Since the market value of the stock is not determinable, the market value of the property is used as the basis for recording the asset and issuance of the stock. ................
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