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?

Kansas 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

General Accounting

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 sold for $15 per share. At what amount should the building be recorded by Kansas Company?   $180,000 $210,000 $60,000 $120,000

Financial Accounting

Abel Corp., an S corp., distributes property to a shareholder named Jay. Immediately before the distribution, the basis of Jay's investment in Abel Corp. totaled $31,000. Additional information follows: Adjusted basis of the property at the distribution date: $20,000 FMV of the property at the distribution date: $19,000 a. What is Jay's basis in his stock investment after the distribution? b. What is Jay's basis in the property after the distribution? c. What amount of loss would Abel Corp. recognize as a result of the distribution?

On January 2, 2021, Howdy Doody Corporation purchased 15% of Ranger Corporation's common stock for $80,000. During 2021, Ranger had net income of $120,000 and declared and paid a dividend of $40,000. On December 31, 2021, the fair value of the Ranger stock owned by Howdy Doody had increased to $90,000. How much should Howdy Doody show in the 2021 income statement as income from this investment? Answer: $

On December 30, Year 3, Varsity Corporation sold its investment in marketable equity securities costing $800,000 for $860,000 cash. The securities were purchased on January 2, Year 1, and the market value of the securities was $820,000 and $780,000 on December 31, Year 1 and Year 2, respectively. How much gain or loss will Varsity report in its income statement for the year ending December 31, Year 3? Multiple Choice A $40,000 gain. An $80,000 gain. A $20,000 loss. A $60,000 gain..

3. During the year, Chinawish Co. distributed property dividends in the form of inventories. The carrying amount on the date of declaration was P2,000,000 and the fair values, which approximated the net realizable values, were P1,600,000 on the date of declaration and P2,200,000 on the date of distribution. Requirement: Provide the journal entries on the dates of declaration and distribution.