Corporation whose stock is not publicly traded

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LR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 3,500 shares of its $19 par value common stock. The owners’ asking price for the land was $123,000, and the fair value of the land was $119,900

Prepare the journal entry for each of the situations above.

Reference no: EM13752104

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