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Category > Accounting Posted 07 Jun 2017 My Price 5.00

Issuance of Stock for Land The Putt Company issues 500 shares of $100 preferred stock for land

Issuance of Stock for Land The Putt Company issues 500 shares of $100 preferred stock for land. This land was carried on the seller’s books for $40,000.

Required

1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations:

a. The preferred stock is currently selling for $120 per share. No appraisal is available on the land.

b. The land is appraised at $65,000. There have been no recent sales of the preferred stock.

c. The preferred stock is currently selling for $125 per share. The land is appraised at $64,000.

2. For Requirement 1(c), discuss why you chose the value used in the journal entry.

 

Answers

Alpha Geek
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Status NEW Posted 07 Jun 2017 09:06 AM My Price 5.00

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file 1496829094-Answer.docx preview (226 words )
I-----------ssu-----------anc-----------e o-----------f S-----------toc-----------k f-----------or -----------Lan-----------d T-----------he -----------Put-----------t C-----------omp-----------any----------- is-----------sue-----------s 5-----------00 -----------sha-----------res----------- of----------- $1-----------00 -----------pre-----------fer-----------red----------- st-----------ock----------- fo-----------r l-----------and-----------. T-----------his----------- la-----------nd -----------was----------- ca-----------rri-----------ed -----------on -----------the----------- se-----------lle-----------râ€-----------™s -----------boo-----------ks -----------for----------- $4-----------0,0-----------00.----------- R-----------equ-----------ire-----------d -----------1. -----------Pre-----------par-----------e t-----------he -----------jou-----------rna-----------l e-----------ntr-----------y t-----------o r-----------eco-----------rd -----------the----------- ac-----------qui-----------sit-----------ion----------- of----------- th-----------e l-----------and----------- fo-----------r e-----------ach----------- of----------- th-----------e f-----------oll-----------owi-----------ng -----------ind-----------epe-----------nde-----------nt -----------sit-----------uat-----------ion-----------s: ----------- a.----------- Th-----------e p-----------ref-----------err-----------ed -----------sto-----------ck -----------is -----------cur-----------ren-----------tly----------- se-----------lli-----------ng -----------for----------- $1-----------20 -----------per----------- sh-----------are-----------. N-----------o a-----------ppr-----------ais-----------al -----------is -----------ava-----------ila-----------ble----------- on----------- th-----------e l-----------and-----------. -----------b. -----------The----------- la-----------nd -----------is -----------app-----------rai-----------sed----------- at----------- $6-----------5,0-----------00.----------- Th-----------ere-----------
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