Question
Detroit Syndicate purchased a van from a XYZ Incorporated in exchange for 1 percent ownership of Detroit Syndicate. Detroit syndicate was worth $25,000. The value
Detroit Syndicate purchased a van from a XYZ Incorporated in exchange for 1 percent ownership of Detroit Syndicate. Detroit syndicate was worth $25,000. The value of the van before a $150 depreciation was $700. What is the dollar value of the ownership by XYZ Incorporated at the time of the purchase?
| a. | $250 | |
| b. | $500 | |
| c. | $550 | |
| d. | $850 |
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
12th Edition
0324381980, 978-0324381986
