OXE Company acquired a building valued at $195,000 for property tax purposes in exchange for 13,000 shares of $6 par common stock. The stock is selling for $14 per share. At what amount should the building be recorded?
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OXE Company acquired a building valued at $195,000 for property tax purposes in exchange for 13,000 shares of $6 par common stock. The stock is selling for $14 per share. At what amount should the building be recorded?
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- At what amount should the building be recorded??Kansas Company acquired a building valued at $170,000 for property tax purposes in exchange for 12,000 shares of its $7 par common stock. The stock is widely traded and selling for $20 per share. At what amount should the building be recorded by Kansas Company?Need help
- 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?a. $60,000b. $180,000c. $210,000d. $120,000Steak 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. $239,200Kansas Company acquired a building valued at $158,000 for property tax purposes in exchange for 12,000 shares of its $3 par common stock. The stock is widely traded and selling for $19 per share. At what amount should the building be recorded by Kansas Company? a. $228,000 b. $36,000 OC. $158,000 Od. $191,500
- 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 $180,000Kansas 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 $120,000During the year, Donahue Company purchased land and building by issuing 50,000 ordinary shares with P 100 par value. On acquisition date, the shares had a market value of P 140 per share and the land had a fair value of P 2,000,000. No available fair value for the building on that date. During the year, Donahue also received land from a shareholder to facilitate the relocation of its main offices in the city. Donahue paid P 50,000 special tax assessment and P 50,000 legal costs related to transfer the donated land. The donated land is fairly valued at P 1,800,000. What is the total cost of the land acquired during the year? P 3,600,000 P 3,900,000 P 3,850,000 P 3,550,000
- 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 $120,000On August 1, ABC Company acquired a real property for P 4,420,000. The shares were selling on the same date at P 125. The fair values are P 800,000 and P 3,200,000 for the land and building respectively. A mortgage of P 4,000,000 was assumed by ABC on the purchase. Moreover, the company paid P 180,000 of real property taxes in the prior years. ABC paid legal fees including title search for P 15,000. ABC also paid the local government special assessment for city improvement amounting to P 120,000. In order to make the building suitable for the use of ABC, remodeling costs had to be incurred in the amount of P 900,000. This however, necessitated the demolition of a portion of the building, which resulted in recovery of salvage material sold for P 30,000. Parking lot cost the company, P 320,000 while repairs in the main hall were incurred at P45,000 prior to its use. What is the correct cost of the land? P1,720,000 P2,535,000 P1,855,000 P1,799,000in the current year, Keyaki Construction Company exchanged a building, which cost $530,000 and had accumulated depreciation of $160,000, for a new building having a fair market value of $650,000 In connection with the exchange, Keyaki paid $280,000 in cash. What is the tax basis of the new building?