Literally can't remember how to do this. I have an idea but I don't think it's right.
On May 12th, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current fair-market price of $73. Journalize this transaction.
On April 30th, 2010, Arlington Company issued $1,500,000 of 10-year, 8% bonds (face value $1,000 per bond) at 103, dated May 12th. Write the journal entry