On October 1, Takei, Inc. exchanged 8,000 shares of its ₱25 par value ordinary share for a parcel of land to be used as site for a new plant. Takei's ordinary share had a fair value of ₱80 per share on the exchange date. Takei received ₱36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at a. 200,000 b. 236,000 c. 604,000 d. 640,000 This is from Intermediate Accounting (PPE)
On October 1, Takei, Inc. exchanged 8,000 shares of its ₱25 par value ordinary share for a parcel of land to be used as site for a new plant. Takei's ordinary share had a fair value of ₱80 per share on the exchange date. Takei received ₱36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at a. 200,000 b. 236,000 c. 604,000 d. 640,000 This is from Intermediate Accounting (PPE)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 1, Takei, Inc. exchanged 8,000 shares of its ₱25 par value ordinary share for a parcel of land to be used as site for a new plant. Takei's ordinary share had a fair value of ₱80 per share on the exchange date. Takei received ₱36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at
a. 200,000
b. 236,000
c. 604,000
d. 640,000
This is from Intermediate Accounting (PPE)
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