1. On July 2, 2021, True Rock Corporation exchanged some of its common shares for a...

 

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1. On July 2, 2021, True Rock Corporation exchanged some of its common shares for a parcel ks of land on which a new warehouse would be constructed. Other information pertaining to the purchase of the land follows: Appraisal value of the land Fair value of True Rock Corporation's common shares (per share) Number of common shares given in exchange for the land Date July 2, 2021 July 15, 2021 True Rock Corporation began the process of developing the land and constructing the building on July 2, 2021. The following costs were incurred (or proceeds received) in connection with this project: July 17, 2021 July 25, 2021 August 7, 2021 August 31, 2021 September 6, 2021 September 6, 2021 Description Back taxes were paid on the land purchased. Received proceeds from the sale of scrap when an existing building on the land was removed from the site. $ $ Paid an architect to develop blueprints for the construction of the new building. Paid a local contractor to grade and fill the building site. Paid for an assessment by the city for a drainage system. $ S $ $ $ 307,278 81 4,000 Paid a local contractor for the construction of the warehouse. $ Paid for the construction of a fence around the new warehouse. $ Paid for the construction of a parking lot next to the new warehouse. $ Amount 9,218 21,509 6,146 12,291 15,364 169,003 6,146 18,437 Required: Prepare any journal entries required for each of the above transactions from July 2, 2021 to September 6, 2021. Assume that True Rock follows IFRS. 1. On July 2, 2021, True Rock Corporation exchanged some of its common shares for a parcel ks of land on which a new warehouse would be constructed. Other information pertaining to the purchase of the land follows: Appraisal value of the land Fair value of True Rock Corporation's common shares (per share) Number of common shares given in exchange for the land Date July 2, 2021 July 15, 2021 True Rock Corporation began the process of developing the land and constructing the building on July 2, 2021. The following costs were incurred (or proceeds received) in connection with this project: July 17, 2021 July 25, 2021 August 7, 2021 August 31, 2021 September 6, 2021 September 6, 2021 Description Back taxes were paid on the land purchased. Received proceeds from the sale of scrap when an existing building on the land was removed from the site. $ $ Paid an architect to develop blueprints for the construction of the new building. Paid a local contractor to grade and fill the building site. Paid for an assessment by the city for a drainage system. $ S $ $ $ 307,278 81 4,000 Paid a local contractor for the construction of the warehouse. $ Paid for the construction of a fence around the new warehouse. $ Paid for the construction of a parking lot next to the new warehouse. $ Amount 9,218 21,509 6,146 12,291 15,364 169,003 6,146 18,437 Required: Prepare any journal entries required for each of the above transactions from July 2, 2021 to September 6, 2021. Assume that True Rock follows IFRS.

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Date Account Dr Cr 20210702 Income Tax Expense Benefit 92... View the full answer