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What is included in the journal entry to record transaction

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QUESTION 1: Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a fair value of $50,000 and $80,000 respectively. What is included in the journal entry to record this transaction?

Option a. A debit to Land and Building for $130,000

Option b. A debit to Land for $80,000

Option c. A credit to Preferred Stock for $130,000

Option d. A credit to Preferred Stock for $2,000

Reference no: EM132504644

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