XYZ Co. acquired land with fair value of P900,000 byissuing 10,000 shares with par value of P9 per shareand quoted price of P81 per share.1. What is the initial cost of land?a. P810,000P900,000b.c. P90,000d. P02. Assuming the fair value of the land is notdeterminable, what is the initial cost of land?Prepare the journal entry to record theacquisition of land.a.P810,000B.P900,000C.P90,000d. P03. Assuming both the fair value of the landand the shares are not determinable, what isthe initial cost of land? Prepare the journalentry to record the acquisition of land.*a.P810,000b.P900,000c.P90,000d.PO

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XYZ Co. acquired land with fair value of P900,000 by issuing 10,000 shares with par value of P9 per share and quoted price of P81 per share. 1. What is the initial cost of land? a. P810,000 P900,000 b. c. P90,000

XYZ Co. acquired land with fair value of P900,000 by issuing 10,000 shares with par value of P9 per share and quoted price of P81 per share. 1. What is the initial cost of land? a. P810,000 P900,000 b. c. P90,000

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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