ROK Company purchased land from XYZ company by issuing 6,000 shares ofit'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 thispurchase would include a:Debit to Land of $100,000O Debit to land of $30,000O Debit to Land of $120,000Credit to Common Stock of $120,000

The transaction here is that ROK Company is purchasing land from XYZ company. Instead of paying…

Answered: ROK Company purchased land from XYZ…

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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how do i journal entry this transaction - common stock has a par $1 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $180,000 for 20 years at 6%, and there is accrued interest of $5,200 on the mortgage note at the time of the purchase. The corporation agreed to assume responsibility for paying the mortgage note and accrued interest. It is agreed that the land is to be valued at $60,000 and the building at $225,000 and that Gretchen Northway will be issued stock at par.
poin(s) possible Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $265,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ... Date Accounts and Explanation Debit Credit Land-Lot 1 Land-Lot 2 Land-Lot 3 Data table Cash To record sale of lots. Lot Appraised Value Lot 1 2$ 202,500 Lot 2 225,000 Lot 3 22,500 Print Done
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
25. Help me selecting the right answer. Thank you
Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee $300 Insurance of one year $1,500 Broker commission $1,130 Accrued Property taxes $560 Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990

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