EXERCISE 15-6 - of Par ($46,000 $10,000) .

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EXERCISE 15-6 (25–30 minutes) (a) Cash [(5,000 X $45) – $7,000] . ......................................... 218,000 Common Stock (5,000 X $10) . ................................ 50,000 Paid-in Capital in Excess of Par . ........................... 168,000 (b) Land (1,000 X $46). .............................................................. 46,000 Common Stock (1,000 X $10) . ................................ 10,000 Paid-in Capital in Excess
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Unformatted text preview: of Par ($46,000 $10,000) . ................................... 36,000 Note: The fair value of the stock ($46,000) is used to value the exchange because it is a more objective measure than the appraised value of the land ($50,000). (c) Treasury Stock (500 X $44) . ............................................. 22,000 Cash. ............................................................................... 22,000...
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