e File Edit View History Bookmarks People Tab Window Help 78% O Mon 2:52 PM maryville.instructure.com O McGraw-Hill Connect (DI) ME Graw Chapter 11 Homework Launch Meeting Zoom N Netflix O Maryville University St. Louis newconnect.mheducation.com/flow/connect.html thapter 11 Homework i Saved Help Save & Exit Subr Exercise 11-11A Issuing stock for assets other than cash LO 11-4 Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $26,520 for 1,020 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,040 shares of stock to Yuppy for $26 per share. Required a. What was the value of the land at the date of the stock issue? eBook eferences Value of the land b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Balance Sheet Income Statement Assets Stockholders' Equity Revenue Expense Net Income %3D Cash Flow Event Common Stock PIC in Excess Cash +. Land 1 Exchange of land for shares 2- Issue of additional shares Prev 3 of 5 Next S APR 27 MacBook Air 20 D00 000 F3 44 DII F4 F5 F6 F7 F8 F9 F10 F11 23 %24 & 4 Y { + || II II II II || LL
e File Edit View History Bookmarks People Tab Window Help 78% O Mon 2:52 PM maryville.instructure.com O McGraw-Hill Connect (DI) ME Graw Chapter 11 Homework Launch Meeting Zoom N Netflix O Maryville University St. Louis newconnect.mheducation.com/flow/connect.html thapter 11 Homework i Saved Help Save & Exit Subr Exercise 11-11A Issuing stock for assets other than cash LO 11-4 Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $26,520 for 1,020 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,040 shares of stock to Yuppy for $26 per share. Required a. What was the value of the land at the date of the stock issue? eBook eferences Value of the land b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Balance Sheet Income Statement Assets Stockholders' Equity Revenue Expense Net Income %3D Cash Flow Event Common Stock PIC in Excess Cash +. Land 1 Exchange of land for shares 2- Issue of additional shares Prev 3 of 5 Next S APR 27 MacBook Air 20 D00 000 F3 44 DII F4 F5 F6 F7 F8 F9 F10 F11 23 %24 & 4 Y { + || II II II II || LL
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:e File
Edit
View
History Bookmarks People
Tab
Window Help
78% O
Mon 2:52 PM
maryville.instructure.com
O McGraw-Hill Connect (DI)
ME
Graw
Chapter 11 Homework
Launch Meeting Zoom
N Netflix
O Maryville University St. Louis
newconnect.mheducation.com/flow/connect.html
thapter 11 Homework i
Saved
Help
Save & Exit
Subr
Exercise 11-11A Issuing stock for assets other than cash LO 11-4
Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $26,520 for 1,020 shares of $10 par common stock
issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,040 shares of stock to Yuppy for $26 per share.
Required
a. What was the value of the land at the date of the stock issue?
eBook
eferences
Value of the land
b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate
whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was
not affected by the event.
Balance Sheet
Income Statement
Assets
Stockholders' Equity
Revenue
Expense
Net Income
%3D
Cash Flow
Event
Common
Stock
PIC in
Excess
Cash
+.
Land
1 Exchange of land for shares
2- Issue of additional shares
Prev
3 of 5
Next S
APR
27
MacBook Air
20
D00
000
F3
44
DII
F4
F5
F6
F7
F8
F9
F10
F11
23
%24
&
4
Y
{
+ ||
II
II
II
II
||
LL
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