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Determine where transaction classified in the balance sheet

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Reference no: EM132486056

A tract of land valued at $50,000 has been given to a corporation on July 31, 2019 in exchange for 1,000 shares of no-par value preferred stock.

Required:

Question 1. Prepare the journal entry to record the transaction.

Question 2. Where would the transaction be classified in the balance sheet?

Reference no: EM132486056

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