needed help please provide help with this question Hurd Company acquired a building valued at $154,000 forproperty tax purposes in exchange for 10,000 shares of its $4 parcommon stock. The stock is widely traded and sells for $19 pershare. At what amount should the building be recorded by HurdCompany?a. $40,000b. $150,000c. $190,000d. $154,000

Step 1: Definition of Plant Assets:Plant assets are acquired by a business entity in order to obtain…

Answered: Hurd Company acquired a building valued…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter18: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 1BCRQ

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Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock is widely traded and sold for $15 per share. At what amount should the building be recorded by Kansas Company? $180,000 $210,000 $60,000 $120,000
Steak Company acquired a building valued at $176,400 for property tax purposes in exchange for 10,400 shares of its $8 par common stock. The stock is widely traded and selling for $16 per share. At what amount should the building be recorded by Steak Company? O a. $176,400 O b. $166,400 O C. S83,200 O d. $239,200
Hurd Company acquired a building valued at $154,000 for property tax purposes in exchange for 10,000 shares of its $4 par common stock. The stock is widely traded and sold for $18 per share. At what amount should the building be recorded by Hurd Company? Select the correct answer. $140,000 $40,000 $154,000 $180,000
Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Kansas Company? Group of answer choices $60,000 $180,000 $210,000 $120,000
What amount should the building be recorded?
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ATRIG Corporation sold some of its capital assets and derived gain or loss as follows: Item Holding Period Gain/Loss Truck 1 3 years (P350,000) Truck 2 9 months (90,000) Shares sold directly to buyer 5 years 400,000 Land located in Cebu 10 years 1,200,000 Equipment 4 years 120,000 How much shall be reported as net capital gain or loss subject to rules on regular income tax? P1,280,000 O (P320,000) O (P145,000) zero
AN entity acquired plant and equipment for $1 million on 1st January 20X9. The asset is depreciated at 25% a year on straight-line method and tax legislation permits to depreciate the assets at 30% a year for tax purpose. Tax rate is 30%. Calculate any DTL that might arise on the plant and equipment at 31/12/X9. a. $90 000 b. $15 000 c. $75 000 d. $300 000
Kris, Inc. sold its vacant lot to Moca Corp. for P 10,000,000 which it acquired at a cost of P 5,000,000. The fair market value of the said property per tax declaration is P 12,000,000, while its zonal value is P 15,000,000. How much is the income tax applicable on the transactions? P 1,500,000 P 900,000 P 720,000 P 600,000
On November 1, 2018, Berry Corporation declared equipment as property dividend payable on February 15, 2019. The carrying amount of the equipment is P700,000. Data relating to the fair values of the equipment are as follows: Date Fair value November 1, 2018 600,000 December 31, 2018 800,000 February 15, 2019 760,000 **(assume that the cost to distribute are immaterial) How much is the gain on distribution of property dividends on February 15, 2019 when the dividends were finally distributed?
B10.
Sir please help me

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