On March 15, 2009, Ellis Corporation issued 5,000 share of its no-par common stock in exchange for a patent. On the date of the transaction, the market price of the common stock was $22 per share. Ellis also received a tract of land from the City of Montrose. The land, which has a fair value of $310,000, was donated to Ellis as an enticement to build a new office building on the site.
Required:
Prepare the journal entries to record the transactions.

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The Answer of On March 15, 2009, Ellis Corporation issued 5,000 share of its no-par common stock in exchange for a patent. On the date of the transaction, the market price of the common stock was $22 per share. Ellis also received a tract of land from the City of Montrose. The land, which has a fair value of $310,000, was donated to Ellis as an enticement to build a new office building on the site.
Required:
Prepare the journal entries to record the transactions.

On March 15, 2009, Ellis Corporation Issued 5,000 Share of Its