Q9: Kato Manufacturing issued 45,000 shares of common stock in exchange for land with a fair market value of $790,000. Prepare the journal entry to record this transaction under each of the following...

Kato Manufacturing issued 45,000 shares of common stock in exchange for land with a fair market

value of $790,000. Prepare the journal entry to record this transaction under each of the following

independent assumptions:

a) The stock has a $2 par value.

b) The stock has a $10 par value.

c) The stock has no par value or stated value.

Extracted text: Q9: Kato Manufacturing issued 45,000 shares of common stock in exchange for land with a fair market value of $790,000. Prepare the journal entry to record this transaction under each of the following independent assumptions: a) The stock has a $2 par value. b) The stock has a $10 par value. c) The stock has no par value or stated value.