6. On September 5, 2018, Grow-a-Lot acquired a car with a list price of $30,000. For...
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6. On September 5, 2018, Grow-a-Lot acquired a car with a list price of $30,000. For each of the following independent situations, record the necessary journal entry. a. Grow-a-Lot traded 1500 shares of Tesla¹ stock they were holding as trading securities for the vehicle. b. Grow-a-Lot traded 200 shares of their $0.01 par value common stock for the vehicle. 18- months ago, Grow-a-Lot had an expert write a report to value the stock. The expert determined the stock was worth $165 per share. c. Grow-a-Lot traded 200 shares of their $0.01 par value common stock for the vehicle. Grow-a-Lot is a publicly traded firm and its stock is actively traded. The closing price on September 5 was $155 per share. 6. On September 5, 2018, Grow-a-Lot acquired a car with a list price of $30,000. For each of the following independent situations, record the necessary journal entry. a. Grow-a-Lot traded 1500 shares of Tesla¹ stock they were holding as trading securities for the vehicle. b. Grow-a-Lot traded 200 shares of their $0.01 par value common stock for the vehicle. 18- months ago, Grow-a-Lot had an expert write a report to value the stock. The expert determined the stock was worth $165 per share. c. Grow-a-Lot traded 200 shares of their $0.01 par value common stock for the vehicle. Grow-a-Lot is a publicly traded firm and its stock is actively traded. The closing price on September 5 was $155 per share.
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Given that GrowaLot acquired a car with a fair market value of 30000 in each of these scenarios a Gr... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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