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Twenty thousand shares reacquired by Sierra Land Inc. for $153 per share were exchanged for land that has an appraised value of $3,600,000. At the time of the exchange the common stock was trading at $176 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.
Prepare in general journal form all journal entries that should have been made during the fiscal year ended June 30, 2009 to record the above information in the capital projects fund (including closing entry).
What is the purpose of the CUT-OFF audit objective as applied to ACCOUNTS RECEIVABLE?
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:
1. questiona company has total fixed costs of 210000 and a contribution margin ratio of 30. how much sales are
The best investor of all time, Warren Buffet, talks about investing in "capital efficient" businesses. Coca Cola falls into this category since it generates great sums of cash with minimal investment in capital.
What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?
A farmer grows two crops: lettuce and beans. The farmer uses three inputs: labor, seed and fertilizer. The past prices and the quantities of each are given in the following tables: Calculate productivity measures for last year and this year using p..
Discuss the differences between a probability and a non-probability sample. Under what circumstances would each be used?
Describe how revenue is recognized as it pertains to the realization principle.
do you have a answer key to unique global imports accounting
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration. The reason why this is clear, is because this illustrates a move by Wendy's to own its ..
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