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Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange the common stock was trading at $62 per share on an organized exchange.
Instructions
a. Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method.
b. Briefly identify the possible alternatives (including those that are totally unacceptable) for quantifying the cost of the land and briefly support your choice.
The consideration paid to the seller was made entirely by transferring title of Treasury Stock to them? Where else would we see the impact of this transaction on the otherfinancial statements?
On February 12, 6, 000 shares of Lucas Company are acquired at a price of $22 per share plus a $240 brokerage fee. Prepare the journal entries for the original purchase, dividend and sale.
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
In the first month of operations, the total of the debit entries to the cash account amounted to $700 and the total of the credit entries to the cash account amounted to $300. The cash account has a _________
The product promises an initial payment of $20,000 at the end of this year and subsequent payments that will thereafter grow at a rate of 3.4 percent annually. If you use a 9 percent discount rate for investment products, what is the present value..
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
edward company's required rate of return is 15%. the company can purchase a new machine at cost 40,350/. the new machine would generate cash inflows of 15,000 per year and have a four-year life with no salvage value. compute the machine's net pres..
Alvin owned a building located in Kansas that he rented to a local business-Alvin built a new building at a cost of $400,000. What is Alvin’s realized gain (loss) on this transaction?
The predetermined manufacturing overhead rate is $10 perdirect labor hour ($15.00 / 15). Compute all of the materials, labor and overhead variances
What are Jamestown's options regarding the treatment of these three customers? Based on this initial customer profitability analysis, what action do you recommend Jamestown take with each of these three customers?
Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car.
With respect to this capitalized lease, for 2008 calculate how much Carley should record for both interest expense and depreciation expense.
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