Brief Exercise 2312 In 2017 Pina Inc issued 900 shares of 10

Brief Exercise 23-12 In 2017. Pina Inc. issued 900 shares of 10 par value common stock for land \\orth s41, 100 Pre pare pina $ numa entry to record the transaction. Credit account titles are automatical y rnderted when armaunt rs entered. In not indent manual y 1 n ntry is require select en ry or the account titles nd enter 0 or the anants Account Titles and Explanation Debit Credit

Solution

900 Shares of $10 each par value issued for Land worth $41000 A Journal Entry: Land Account Dr. 41000 To Equity Share Capital 9000 To Securities Premium Account 32000 (Being Land acquired against issue of Shares) B Impact of Cash No Impact Because of No cash inflow/outflow C Statement of Cash Flow Partial No Impact in Cash Flows Note: Non Cash Financing Activity: 900 Shares are issued for Acquiring Land worth 41000