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Indicate how the transaction is reported on the statement

In 2010, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.

(a) Prepare Leppard's journal entry to record the transaction.

(b) Indicate the effect the transaction has on cash.

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Accounting Basics: Indicate how the transaction is reported on the statement

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Accounting Basics: Indicate how the transaction is reported on the statement

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