1. Embossing Corporation issued 32,000 shares of its $1 par value common stock in exchange for land that had a fair market value of $200,000. Prepare in journal form the entries necessary to record the issuance of the stock for the land under each of these conditions: (1) The stock was selling for $7 per share on the day of the transaction; (2) management attempted to place a value on the common stock but could not do so.
2. On October 28, 2011, the Seoul Company (SE 10) retired the remaining 1,500 shares of treasury stock. The shares were originally issued at $5 per share. Prepare the necessary entry in journal form.
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