On October 15, 2015, Gage, a publicly traded company, issued 500,000 of its $0.01 par value...

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On October 15, 2015, Gage, a publicly traded company, issued 500,000 of its $0.01 par value...

On October 15, 2015, Gage, a publicly traded company, issued 500,000 of its $0.01 par value common stock in exchange for a building. As of October 15, 2015, Gage estimated one share of its company stock was worth $14.75. As of October 15, 2015, a consensus of real estate agents determined the building’s fair value was $7,350,000. Prepare the entry Gage should make on October 15, 2015.

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Answer 1

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Solution Account title and explanation Debit Gredet 7350000 5000 -Building Common aftock (500000 XO-01] To pard in capital in

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