Nova Corporation gives Tell Corporation 29,940 of its no par value common shares in exchange for a
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Question:
Nova Corporation gives Tell Corporation 29,940 of its no par value common shares in exchange for a parcel of land which it intends to build a factory. At the time of the transaction Nova's shares were trading at $10. The land is sitting on Tell's books at $350,000. What amount will the land show up as on Nova's books?
What amount will the land show up as on Nova's books? $
Required 2: What amount will Tell Corporation report as a gain (loss) on the transaction? $
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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