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On june 17, the lattern company issued 120,000 shares of its $0.10 par value common stock in exchange for land. on the date of the transaction, the fair value of the common stock, evidenced by its market price, was $10 per share. the journal entry to record this transaction includes: multiple choicea. debit: land, $1,200,000.b. credit: cash, $1,200,000.c. debit: land, $12,000.d. no entry for this exchange.
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On june 17, the lattern company issued 120,000 shares of its $0.10 par value common stock in exchang...
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