On November 3, your company executed a deal to trade 2,000 share of the companys...
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Accounting
On November 3, your company executed a deal to trade 2,000 share of the companys common stock for land to be used as a future building site to expand into the Atlanta area. The company chose to issue new shares rather than using any of its treasury stock.
According to the Preliminary Trial Balance; Land has $20,000 debit balance, Common Stock has a $65,000 credit balance, Paid in capital - Common Stock has a $26,400 credit balance, and Retained Earnings has $86,450 credit balance.
According to the Post Closing Trial Balance; Land has $20,000 debit balance, Common Stock has a $65,000 credit balance, Paid in capital - Common Stock has a $65,000 credit balance, and Retained Earnings has $86,450 credit balance.
Prepare end of year adjusting entries, corrections, and any other necessary entries necessary to prepare accurate financial statements.
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