Homework Answers
a) Journal entry
| Account titles and explanation | Debit | Credit |
| Land | 46000 | |
| Common Stock (900*10) | 9000 | |
| Paid in capital in excess of par value-Common Stock | 37000 |
b) The effect the transaction has on Cash = No effect
c) Statement of cash flow (partial)
For the year ended December 31,2017
| Non Cash investing and financing activities | |
| Issue common Stock for land | 46000 |
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