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
Kieschnick Company has a balance in its Accounts Receivable control account of $10,500 on January 1, 2017. The subsidiary ledger contains three accounts: Bixler Company, balance $3,800; Cuddyer Company, balance $3,000; and Freeze Company.
Answers (1)
The assets division should contain what accounts? A. 11 P. Woodsley, Capital 12 Equipment-Store 13 Equipment-Office 14 Cash 15 Accounts Payable-Taylor Investments
Answers (1)
When a price ceiling is imposed, the price system is prohibited from rationing the product in the market in which the ceiling was imposed. What other alternative rationing methods are available to determine who receives the scarce commodity?
Answers (1)
One of the main advantages of e-marketing is _ A Personal interaction B The price of advertising C Competition D Secure information
Answers (2)
Pension funds pay lifetime annuities to recipients. If a firm will remain in business indefinitely, the pension obligation will resemble a perpetuity.
Answers (1)
New Questions in Business
Why did they give nba youngboy 10 years?
Answers (2)
Entrepreneurs usually do NOT make good: A. general managers. B. marketing decisions. C. financial decisions. D. production schedules.
Answers (2)
Your employer contributes $60 a week to your retirement plan. assume you work for your employer for another 20 years and the applicable discount rate is 9 percent. given these assumptions, what is this employee benefit worth to you today?.
Answers (1)
Your business uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for uncollectible accounts had a credit balance of $ 1 comma 000.
Answers (1)
Suppose you have a choice of working full-time during the summer or attending summer school full-time. Summer tuition and books are $3,000. If you worked, you could make $5,000. Your rent is $1,000 for summer, regardless of your choice.
Answers (1)