Exchanged a land with an adjusted basis of 65,000 for 5,000 shares of corporation stock and 10,000 cash the corporation stock had a fmv of 80,000 on the date

Sr. No                Particulars                      Debit                    Credit

                  Land                                 $ 65000

              Profit & Loss Account           $ 25,000

             Corporation Stock                                                 $ 80,000

              Cash                                                                       $ 10,000

Explanation:

Recording of purchase of land for stock of $ 80,000 and cash $ 10,000 . As the  value of land is $ 65,000 the loss is debited to the profit and loss account. the stock is recorded at the fair market value on the date.

they could have terrible tropical storms which will destroy the crops in the colonies

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