On June 30, 2024, Ericson, Inc. purchased land. In payment for the land, Erickson, Inc. issued 10,000 shares of common stock with a $10 par value. The land had been appraised at a market value of $117,000. The journalentry to record this transaction would be:O Land100,000Common Stock-$10 Par ValueO LandCommon Stock-$10 Par ValuePaid-In Capital in Excess of Par-CommonO LandCommon Stock-$10 Par ValuePaid-In Capital in Excess of Par-CommonLandCommon Stock-$10 Par Value117,000137,000117,000100,000100,00017,000100.00037,000117,000

Answer :Journal entry to record the transaction : Account Title Debit Credit Land $117,000…

Answered: 00,000 117,000

Business

Accounting

00,000 117,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 25E

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