JP acquired a tract of land and paid for it in full by issuing (A) $400,000 of its 9 percent bonds payable after a year and (B) 50,000 of its common shares. The shares were sold at $17.82 per share. The land should be recorded at a cost of (rounded to the nearest thousands)?

Answer rating: 100% (QA)

Land is acquired by issuing bonds and common shares 9 bonds payable after one year 40... View the full answer