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(Issuance of Stock for Land) Martin Corporation is planning to issue 3,000 shares of its own $10 par value common stock for two acres of land to be used as a building site.
(a) What general rule should be applied to determine the amount at which the land should be recorded?
(b) Under what circumstances should this transaction be recorded at the fair value of the land?
(c) Under what circumstances should this transaction be recorded at the fair value of the stock issued?
(d) Assume Martin intentionally records this transaction at an amount greater than the fair value of the land and the stock. Discuss this situation.
Tanver Corporation, a calendar year corporation, has alternative minimum taxable income of $7 million in 2010 (before adjustment for adjusted current earnings). If Tanver's adjusted current earnings is $16 million, its tentative minimum tax for 20..
Compute the pension expense recognized in 2011. Assume the prior service cost is amortized over the average remaining service life of the employees.
Compute the optimal order quantity using the EOQ model. Compute a) the number of orders per year and b) the annual relevant total cost of ordering and carrying inventory.
accounts receivable arising from sales to customers amounted to 40000 and 32000 at the beginning and end of the year
The $32,800 beginning inventory in the Blending Department consisted of the following elements: materials, 8,000, direct labor, $4,000, and overhead applied, $20,800.
What is expectation hypothesis and preferred habitat hypothesis?
All adjustments affect one balance sheet account and one income statement account. For each of these situations, show the accounts affected, the amount of the adjustment (using a 1 or 2 to indicate an increase or decrease), and the balance of the acc..
What were the most critical choices faced by James Milmo early in the founding of Lynx? Do you agree with his decisions? 2. Has the founding team done a good job of structuring itself and building the Lynx organization?
Refer to the information above. What amount of net income will be reported on an income statement for the month of October?$18,500.$22,500.$78,000.$100,500.
Let's say your professor has asked for your help with training a new secretary on how to prepare class notes for electronic distribution to class members.
What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
The journal entry required on the company's books to record the note payable on July 1, 2009 would include a
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