On February 1, 2024, the Xilon Corporation issued 52,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrowa On the date of the acquisition, Xilon's common stock had a fair value of $15 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2 2024, at a cost of $7,300,000. Xion paid $4,650,000 in cash and the remainder was paid by the city of Monrovia Required: 1. Assuming that Xilon prepares its financial statements according to US GAAP prepare the journal entries to record the acquisition of the land and the building Note: If no entry is required for a transection/event, select "No journal entry required" in the first account field.

On February 1, 2024, the Xilon Corporation issued 52,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrowa On the date of the acquisition, Xilon's common stock had a fair value of $15 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2 2024, at a cost of $7,300,000. Xion paid $4,650,000 in cash and the remainder was paid by the city of Monrovia Required: 1. Assuming that Xilon prepares its financial statements according to US GAAP prepare the journal entries to record the acquisition of the land and the building Note: If no entry is required for a transection/event, select "No journal entry required" in the first account field.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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