Determined that the market value of the land purchased

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Reference no: EM13110840

Q. Dakotan industry experienced the following events during 2010.

1. Acquired $30,000 cash from the issue of common stock.

2. Paid $12,000 cash to purchase land.

3. Borrowed $10,000 cash.

4. Provided services for $20,000 cash.

5. Paid $1,000 cash for rent expense.

6. Paid $15,000 cash for other operating expenses.

7. Paid a $2,000 cash dividend to the stockholders.

8. Determined that the market value of the land purchased in Event 2 is now $12,700.

Reference no: EM13110840

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