Question: QUESTION 3 Use the factors below to avoid rounding errors. Round all answers up/down to the nearest dollar Y1, the Tinsle Company completed the following
QUESTION 3 Use the factors below to avoid rounding errors. Round all answers up/down to the nearest dollar Y1, the Tinsle Company completed the following transactions related to its property,plant, and equipment accounts a. On March 18, Tinsle paid $380,000 for land, buildings, and equipment in a lump-sum purchase. An appraisal revealed fair market values of $175,000 for the land, $125,000 for the buildings, and $100,000 for the equipment b. On June 11, Tinsle issued 3 is estimated at $550,000 by an outside appraisal. On the date of the exchange, the stock was being exchange. c. On December 31, Tinsle bought a truck by paying $39,000 cash down and signed a $153,000 non-interest-bearing note, the balance of which was due in five years. The current market rate was 8%. 5,000 shares of its $3 par value common stock in exchange for some equipment. The equipment's fair market value actively traded at $15 per share on a major stock Present value factors for five periods at 8% follows: Present value of 1:0.68058 Present value of annuity of 1:3.99271 Assuming no other transactions related to PP&E took place in Y1 What was the change in the balance of the Land account in Y1 What was the change in the balance of the Building account in Y1? What was the change in the balance of the Equipment account in Y12 What was the change in the balance of the Vehicles account in Y1
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