A tract of land valued at $50,000 has been given to a corporation on July 31, 2016 in exchange for..

A tract of land valued at $50,000 has been given to a corporation on July 31, 2016 in exchange for 1,000 preferred shares.
Required:
1. Prepare the journal entry to record the transaction.
2. Where would the transaction be classified in the balance sheet?
View Solution:
A tract of land valued at 50 000 has been given

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