Answer:
Dr Land $168,500
Cr Common stock $67,400
Cr Paid in capital in excess of par common stock $101,100
Explanation:
Preparation the journal entry to record the acquisition of the land.
Dr Land $168,500
(3,370shares *$50per share)
Cr Common stock $67,400
(3,370 shares*$20par value)
Cr Paid in capital in excess of par common stock $101,100
($168,500-$67,400)
(Being to record the acquisition of the land)
