A company exchanged land and cash of $4,500 for similar land. The book value and the fair value of the land were $89,800 and $101,500, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain / (loss) of: Land Gain / (loss) a.$106,000 $0 b.$106,000 $11,700 c.$94,300 $0 d.$94,300 $11,700
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A company exchanged land and cash of $4,500 for similar land. The book value and the fair value of the land were $89,800 and $101,500, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Tower Company planned to produce 3,000 units of its single product, Titactium, during November. The standards for one unit of Titactium specify six pounds of materials at $0.30 per pound. Actual production in November was 3,100 units of Titactium.
Answers (1)
A service that is rarely provided, unusual, variable, or new may require this type of report to assist in the determination of the medical appropriateness of a service and indicates the nature, extent, need, time, effort, and equipment necessary.
Answers (1)
lobal Industries is a merchandising company that sells goods on consignment. Currently, Global has $14,000 worth of consignment goods in its warehouse that it included in its inventory. What effect will this have on Global's total inventory?
Answers (1)
The Federal Reserve is broken down into how many nationwide districts?
Answers (2)
When you construct an audience-analysis questionnaire, open-ended questions are especially valuable because they usually generate clear, unambiguous responses?
Answers (1)
New Questions in Business
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)
Barans Realty Co. pays weekly salaries of $18,000 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday.
Answers (1)
Montana Company was authorized to issue 200,000 shares of common stock. The company had issued 50,000 shares of stock when it purchased 10,000 shares of treasury stock.
Answers (1)