A company buys a parcel of land for $11 million, financing the purchase with a $10 million issue of new share capital and $1 million
A company buys a parcel of land for $11 million, financing the purchase with a $10 million issue of new share capital and $1 million of cash on hand. Prior to the transaction, the company had total assets of $500 million. Assuming no other transactions, calculate the company's total assets after this transaction is complete.
a. $500 million.
b. $501 million.
c. $510 million.
d. $511 million.
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Authors: Anthony Saunders, Marcia Cornett
7th Edition
1259919714, 978-1259919718
