Land appraised at $65,600 is purchased by issuing 820 shares of $20 par value common stock. The market price of the shares at thetime of the exchange, based on active trading in the securities market, is $95 per share. Should the land be recorded at $16,400,$65,600, or $77,900?The land should be recorded at $K

Land is purchased while share has been issued in exchange of land . In that situation , we need to…

Answered: Land appraised at $65,600 is purchased…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sudoku Company issues 20,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $226,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 20,000 shares of $8 par value common stock in exchange for land valued at $226,000 and a building valued at $376,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
Sudoku Company issues 21,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $239,000 and the building at $379,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 21,000 shares of $8 par value common stock in exchange for land valued at $239,000 and a building valued at $379,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At the time of the purchase, ROK's stock was selling for $20 a share and the land was worth $100,000. The journal entry to record this purchase would include a: Debit to Land of $100,000 O Debit to land of $30,000 O Debit to Land of $120,000 Credit to Common Stock of $120,000
Sudoku Company issues 30,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet < A Record the issue of 30,000 shares of $6 par value common stock in exchange for land valued at $235,000 and a building valued at $376,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
Sudoku Company issues 26,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $229,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 26,000 shares of $7 par value common stock in exchange for land valued at $229,000 and a building valued at $368,000. Note: Enter debits before credits. General Journal Debit Credit Transaction 1
On September 1, FAITH Inc issued 120,000 shares of its P50 par value ordinary share in exchange for land. On the date of the transaction, the fair value of the ordinary shares, evidenced by its quoted market price in the stock exchange, was P120 per share. The fair value of the land on the same date was valued at P10,000,000. The journal entry to record this transaction includes a debit to Land for how much?
Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock was originally issued at $7 per share. Which of the following is part of the journal entry to record the purchase? Credit Common Stock for $92800. O Debit Treasury Stock for $8700. Debit Treasury Stock for $92800. O Credit Common Stock for $8700.
Flounder Inc.'s $10 par value common stock is actively traded at a market price of $14 per share. Flounder issues 5,200 shares to purchase land advertised for sale at $73,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Sudoku Company issues 19,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $373,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

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