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Determine the appropriate amounts that lenny should record

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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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