Determined that the market value of the land

Reference no: EM13669563

Foster Corp. completed the following transactions during 2013:

1. Purchased land for $8,500 cash.
2. Acquired $32,000 cash from the issue of common stock.
3. Received $71,000 cash for providing services to customers.
4. Paid cash operating expenses of $41,300.
5. Borrowed $17,000 cash from the bank.
6. Paid a $8,500 cash dividend to the stockholders.
7. Determined that the market value of the land purchased in event 1 is $42,000.

Reference no: EM13669563

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