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Exercise 10-11 (Algo) IFRS; acquisition cost; issuance of equity securities and donation (LO10-4, 10-9] {The following information applies to the questions displayed below) On February
Exercise 10-11 (Algo) IFRS; acquisition cost; issuance of equity securities and donation (LO10-4, 10-9] {The following information applies to the questions displayed below) On February 1, 2021, the Xilon Corporation issued 56 000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition Xilon's common stock had a fair value of S19 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $7,700,000. Xilon paid $4,850,000 in cash and the remainder was paid by the city of Monrovia. Exercise 10-11 (Algo) Part 1 Required: 1. Prepare the journal entries to record the acquisition of the land and the building (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the acquisition of land in exchange for common stock. Note: Enter debits before credits. General Joumal Debit Credit Date February 01, 2021 Exercise 10-11 (Algo) IFRS; acquisition cost; issuance of equity securities and donation (LO10-4, 10-9] [The following information applies to the questions displayed below) On February 1, 2021, the Xilon Corporation issued 56,000 shares of its no par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's common stock had a fair value of $19 per share. An office building was constructed on the site by an independent contractor The building was completed on November 2, 2021, at a cost of $7700,000. Xilon paid $4,850,000 in cash and the remainder was paid by the city of Monrovia, Exercise 10-11 (Algo) Part 1 Required: 1. Prepare the journal entries to record the acquisition of the land and the building (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
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