Maurice Tutor

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About Maurice Tutor

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Expertise:
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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 03 Jan 2018 My Price 6.00

Tinsley Company

 

 

 

 

Nonmonetary exchange

 

The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $30,000. According to an independent appraisal, the land currently is worth $72,000. Tinsley paid $14,000 in cash to complete the transaction.

 

Required:

 

1. What is the fair value of the new parcel of land received by Tinsley?

 

2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

 

3. Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Jan 2018 09:01 PM My Price 6.00

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