User Account

All Pages

Determine the cost used for recording the land acquired

Assignment Help Accounting Basics
Reference no: EM132626142

Question - A company issues 400 shares of $40 par common stock for land. The fair value was $60 per share at the time of the land purchase (stock sells regularly with an average daily volume of 2,000 shares). He seller had earlier offered to sell the land for $23,600 cash. Competent appraisers value the land at $24,400.

Required -

a. Determine the cost used for recording the land acquired.

b. Record the journal entry on the date of the land's acquisition.

Reference no: EM132626142

Questions Cloud

Describe the method used to record the stock investment : Describe the method used to record the stock investment transaction. PT Pink purchased 20,000 ordinary shares of PT Unyu at a total cost
What type of lease agreement does the negotiation : What type of lease agreement does the negotiation above include? Give the reason. The depreciation method used by the lessee is straight-line.
Discuss the notion of keys in cryptography : Discuss the notion of keys in cryptography. Is a block better than a stream?
What are the three qualities that a student leader : What are the three qualities that a student leader must possess in order to serve the students with the highest standards?
Determine the cost used for recording the land acquired : A company issues 400 shares of $40 par common stock for land. Determine the cost used for recording the land acquired
Why statement of projected future cash flows is least likely : Statement of projected future cash flows is least likely be required by SECP for a company filing for registration. Why? Explain in detail with example.
What information does the income statement provide : What information does the income statement provide us that the balance sheet doesn't? Explain in detail and provide the suitable example.
Compute depreciation expense on the machine for the year : Required - Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021
Find pathways and the effects of the hormones : Describe the two pathways and the effects of the hormones they control.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd