If the fair value of the land is used, compute for the debit to the land...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
If the fair value of the land is used, compute for the debit to the land account. Assume that at the beginning of the year, IRENE Corporation acquired a piece of land by issuing 15,000 shares with par value of P125. At the time of acquisition, the fair value of the land is P2, 000,000, and the share is quoted at P150 per share. If the fair value of the land is used, compute for the debit to the land account. Assume that at the beginning of the year, IRENE Corporation acquired a piece of land by issuing 15,000 shares with par value of P125. At the time of acquisition, the fair value of the land is P2, 000,000, and the share is quoted at P150 per share.
Expert Answer:
Answer rating: 100% (QA)
To determine the value of the shares issued we can use the quoted value per share since ... View the full answer
Related Book For
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
Posted Date:
Students also viewed these accounting questions
-
The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented...
-
Good Harvest Corporation was incorporated on January 1, 2021, with authorized share capital of 300,000 shares at P20 par value. Record the transactions completed during the months of January and...
-
Multiple Choice Questions 1. Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2012. On that date, Paars equipment (10-year remaining life) has a book value of $420,000 but a fair...
-
Determine the length of the hydrogen bonds between: TYR41H and GLU37O ALA39H and MET35O GLU38H and ILE34O THR36H and ARG32O ARG32H and TYR28O by using PyMOL And identify the residues located at...
-
Draw the shear and moment diagrams for the shaft in terms of the parameters shown; there is a thrust bearing at A and a journal bearing at B. Units Used: kN = 103 N Given: P = 9kN a = 2 m L = 6 m B.
-
An empty plastic or glass dish being removed from a microwave oven is cool to the touch. How can this be possible? (Assume that your electric bill has been paid.)
-
Provide an example, real or imagined, of a hypothesis test for the difference between two means.
-
Doe Creek Interior Decorators issued a 120-day, 7% note for $150,000, dated February 18, 2014, to La Fleur Furniture Company on account. a. Determine the due date of the note. b. Determine the...
-
Assume initially that there is no positive externality associated with the good supplied by the monopoly firm. Depict on a graph the deadweight loss arising from such a monopoly. Now imagine instead...
-
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting bala sheet at the beginning of the current year is provided below: Assets: Cash...
-
Question 1 Tries remaining: 1 Marked out of 1.00 Flag question Question 2 Tries remaining: 1 Marked out of 1.00 Flag question Question 3 Tries remaining: 1 Marked out of 1.00 P Flag question You have...
-
Once Massachusetts became a royal colony in 1 6 9 1 1 6 9 1 a . . it received the right to have its voters elect its own governor and legislative assembly. b . . social tensions generally decreased...
-
A 9.10103 kg transport truck is approaching a 17.0 icy hill that has a bridge at the top that is out of service. The driver immediately slams on the brakes and begins to skid up the hill. The...
-
Windsor Ltd. traded a used truck (cost $31.100, accumulated depreciation $27,990, fair value $1,720) for a new truck. Windsor did look up the value of its used truck and determined its fair value at...
-
You have recently started working for a local department store in the Operations Department. You have always had a passion for communication and technology, and at your new store, you quickly realize...
-
(c) For a rapidly growing Japanese company, the growth rate is projected to be 20% for the next two years and 10% for the following year. At the end of 3 years, the growth rate is expected to settle...
-
Shannon fiord is 27 years old, earns $18 per hour, worked 30 hours in the pay cycle and is paid weekly in the province of Ontario. how much is her CPP deduction?
-
Question 6.10 Current and deferred tax worksheets and tax entries From the hip Ltd?s statement of profit or loss for the year ended 30 June 2007 and extracts from its statements of financial position...
-
Matt Patterson died in early 2020 with a $14.5 million gross estate and no deductions other than a potential marital deduction. He bequeathed all his property to his spouse, Nancy, with the provision...
-
Twelve years ago, Latoya transferred property to an irrevocable trust with a bank trustee. Latoya named Al to receive the trust income annually for life and Pat or Pats estate to receive the...
-
A complex trust has taxable income of $29,900 in 2020. The $29,900 includes $5,000 of rental income and $25,000 of taxable interest income, reduced by the $100 personal exemption. The trust makes no...
-
Which of the following definitions fits amortization? a. Allocation of the asset's market value to expense over its useful life b. Allocation of the asset's cost to expense over its useful life c....
-
Amortization of a natural resource is computed in the same manner as which amortization method? a. Straight-line b. UOP c. Double-declining-balance d. CCA
-
A company paid \(\$ 900,000\) for a building and was amortizing it by the straight-line method over a 40 -year life, with estimated residual value of \(\$ 60,000\). After 10 years it became evident...
Study smarter with the SolutionInn App