Homework Help is Here – Start Your Trial Now!
Business
Accounting
As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600, and the fair value of the land was $140,800. 1. 2. Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $320,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates Account Titles and Explanation Debit Credit

As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600, and the fair value of the land was $140,800. 1. 2. Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $320,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

un.4

As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. 2. Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600, and the fair value of the land was $140,800. Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $320,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates 20 Account Titles and Explanation Debit Credit
Transcribed Image Text:As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. 2. Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600, and the fair value of the land was $140,800. Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $320,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates 20 Account Titles and Explanation Debit Credit
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS