On may 18th the company purchased the property next door as

Reference no: EM13594544

On May 18th the company purchased the property next door as part of a plant expansion strategy. The purchase price consisted of 100,000 shares of Spencer Company $1 par value common stock which is currently actively traded for $22 per share. Legal fees and title insurance of $14,500 were paid in cash. Prepare the journal entry to record the purchase of the land.

Reference no: EM13594544

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