a Tamarisk Corp., a private company, obtained land by issuing 1,910 of its common shares....
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a Tamarisk Corp., a private company, obtained land by issuing 1,910 of its common shares. The land was appraised at $86,400 by a reliable, independent valuator on the date of acquisition. Last year, Tamarisk sold 1,500 common shares at $40 per share. Prepare the journal entry to record the land acquisition if Tamarisk elects to prepare financial statements in accordance with IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Prepare the journal entry to record the land acquisition if Tamarisk prepares financial statements in accordance with ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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