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Bruce Brown, a wealthy investor, exchanged a plot of land that originally cost him $20,000 for 1,000 shares of $10 par common stock issued to him by Dunn Corp. On the same date, Dunn Corp. issued an additional 1,500 shares of stock to Brown for $35 per share.Required:
a. What was the value of the land at the date of the stock issue?
b. Show the effect of the two stock issues on Dunn's books in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event.
c. Prepare the journal entries to record these transactions.
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