Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $62,000. According to an independent appraisal, the old land currently is worth $116,000. Salad Express paid $15,000 in cash to complete the transaction.
Required:
1. What is the fair value of the new parcel of land received by Salad Express?
2. Record the exchange.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. ...” 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
Sarai spends her day checking through boxes of built product to ensure accuracy in production. She makes sure there is enough product to meet the demand. Based on her tasks, which is most likely her career
Answers (2)
Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per day. Joey never works more than eight hours per day, and during that time his short-run production function is q
Answers (1)
What capacity, if any, does a minor have when entering a contract?
Answers (1)
What is a foreign country that is currently being impacted financially due to the Coronavirus
Answers (1)
Which concept of marketing is described in the following scenario? Lexus has been voted as the car company that has the best customer satisfaction to date. As a luxury car company, it is crucial for them to keep their customers happy.
Answers (1)
New Questions in Business
Stress Free Realty Co. pays weekly salaries of $12,625 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)
Quiz 1. If you maintain a good driving record, your car insurance company may reward you with
Answers (1)
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010.
Answers (1)
A leftward shift in the long-run aggregate supply curve is most likely going to cause which of the following? A) decrease in the average price level B) increase in the average price level C) increase in real output
Answers (1)
Free market economy how are prices set?
Answers (1)