On January 2 of the current year, BC Co. acquired 1,000 shares of its $10 par value
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On January 2 of the current year, BC Co. acquired 1,000 shares of its $10 par value common stock for $20,000. On July 1, BC exchanged this stock for land to be held for use as the site of the corporate headquarters. The stock had a fair value of $25 per share on that date. The building on the site was razed, and BC sold the scrap for $2,000. At what amount should the land be capitalized?
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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