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Twenty thousand shares reacquired by Sierra Land Inc. for $153 per share were exchanged for land that has an appraised value of $3,600,000. At the time of the exchange the common stock was trading at $176 per share on an organized exchange.
Instructions
(a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method.
(b) Briefly identify the possible alternatives (including those that are totally unacceptable) for quantifying the cost of the land, and briefly support your choice.
Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.
Parker Company had $5000000 in sales and reported a $300000 loss in its annual report to stockholders.According to a CVP analysis prepared for managements use, $5000000 in sales is the break even point for the company.
Compute the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31).
Under the lease agreement, a security deposit of $15,000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 10% per year. What amount will the company receive at the time the lease expires?
What should you do? Identify the CEPROC statutes you should consider in dealing with this ethical dilemma
What are some methods that aid management in analyzing the expected results of capital budgeting decisions?
What are the advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease?
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
name and briefly describe the five components of cosos internal control
If the company were to buy the component, the machine would no longer be rented. The rent on the machine, in relation to the decision to make or buy the component, is:
If you were given complete authority, how would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the curr..
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