What is the consolidated balance for land

Assignment Help Accounting Basics

Reference no: EM13160042

Shannon Co. owned all of the voting common stock of Chain Corp. The corporations' balance sheets dated December 31, 2005, include the following balances for land: for Shannon--$416,000, and for Chain--$256,000. On the original date of acquisition, the book value of Chain's land was equal to its fair market value. On April 4, 2006, Shannon sold to Chain a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?

$672,000
$690,000
$755,000
$737,000

Reference no: EM13160042

Questions Cloud

What is the controllers responsibility : What is the controller's responsibility with respect to a president who doesn't know much accounting?

Create the html form and call the servlet to print out : 1. write a calculator Servlet that adds, subtract, multiples and divides. Create the html form and call the servlet to print out the answer

By how much should the u.s. automakers adjust the price : By how much should the U.S. automakers adjust the price of their automobiles if they wish to increase the volume of their sales by 9.2

How much labour should be allocated to plant alpha : How much labour should be allocated to plant Alpha and to plant Beta? And, at the best allocation, what is the output produced?

What is the consolidated balance for land : There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?

The string class and/or the stringbuffer class in java : Create a simple Java application that uses the String class and/or the StringBuffer class and at least 4 of the class methods. Show the code, demonstrate it works properly and describe what it is doing.

What is the resulting outcome of the game : What is a subgame-perfect Nash equilibrium proposal of player 1, and what is the resulting outcome of the game?

Compute the gain relating to the equipment : Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006.

Business rules that are reflected in the erd : Write the business rules that are reflected in the ERD shown below. (Keep in mind that the ERD reflects some simplifications. For example, this ERD states that each book is only written by one author, but in reality, there are many books written by m..

User Account

All Pages