Chapter 18, Problem 21E

Richfield Corporation acquired a manufacturing facility valued at $350,000 for property tax purposes in exchange for 12,000 shares of its $10 par common stock. The stock is actively traded and sells for $32 per share. At what amount should the manufacturing facility be recorded by Richfield Corporation? a. $120,000 b. $350,000 c. $384,000 d. $300,000

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Rheon kennel uses tenant days as its measure of activity; n animal housed in the kennel for one day is counted as one tenant day.

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What are the total product costs for the company?

George receives $63,000 worth of Quaterra, Inc., common stock from his late father's estate. Early in the year, he receives a $320 cash dividend. Five months later, he receives a 3% stock dividend. Near the end of the year, George sells the stock for $67,500. Due to these events only, how much must George include in his gross income for the year?

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Please provide the correct answer to this general accounting problem using accurate calculations.