User Account

All Pages

Prepare the journal entry to record the exchange

Assignment Help Accounting Basics
Reference no: EM133041312

Problem - The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $62,500. According to an independent appraisal, the land currently is worth $150,000. Tinsley paid $21,000 in cash to complete the transaction.

Required -

1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?

2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

3. Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

4. Prepare the journal entry to record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance.

Reference no: EM133041312

Questions Cloud

Determining the success or failure of biocon operating : What were the management implications drawn from the differences in the workings of informal institutions in determining the success or failure of Biocon operat
How did barnes and nobles get started : 1. How did Barnes and Nobles get started? 2. What are their major sources of revenue for Barnes and Nobles?
Case-keeping out the food trucks : Read the following case and discuss whether the proposed course of action in the case is ethical and consistent with any of the four views of ethics, i.e. utili
Describe factors affecting the work environment : Describe factors affecting the work environment of the business selected in Q1 that must be considered in improving their existing work systems design.
Prepare the journal entry to record the exchange : Prepare the journal entry to record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance
Describe the australian government department of education : Describe the Australian Government Department of Education and Training's role in the VET system. Also, briefly explain how it influences the way trainers and a
Build a tall chocolate glazed cake : Two trays of Sponge Cakes were baked and use to build a tall Chocolate glazed Cake. After the cake built, there remain plenty of Offcut from the Sponge Cake.
What is a community service organisation : What is a community service organisation and how do they contrast from other sectors like public and private?
Economic and clinical health act of 2009 : Health Information Technology for Economic and Clinical Health Act of 2009 (HITECH)For the above regulation,

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