Solution-Determine the appropriate amounts that lenny

Determine the appropriate amounts that lenny should record

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Reference no: EM131760545

Question 1 - On May 1, 2008, Lenny Corporation purchased for $690,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property:

	Current Assessed Valuation	Vendor's Original Cost
Land	$280,000	$180,000
Warehouse	320,000	315,000
Office Building	200,000	129,000
	$800,000	$624,000

Determine the appropriate amounts that Lenny should record for the land, warehouse, and office building.

Question 2 - The Callister Company exchanged 25,000 shares of its own $50 par value common stock for a turret lathe from Payne Company. The market value of the Callister Company stock was $68 per share at the date of exchange. The equipment had a carrying value of $1,625,000.

Record the exchange on the books of Callister Company in general journal form.

Reference no: EM131760545

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Determine the appropriate amounts that lenny should record

Reference no: EM131760545

Reference no: EM131760545

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