Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

i need help 1. A family donated land to a corporation. The land has an appraisal value of $600,000. The corporation's journal entry to record

i need help
image text in transcribed
1. A family donated land to a corporation. The land has an appraisal value of $600,000. The corporation's journal entry to record this land donation should include a: A. Credit to "Sales Revenue" for $600,000. B. Credit to "Land" for $600,000. C. Credit to "Gain on Receipt of Donated Property" for $600,000. D. Credit to "Common Stock" for $600,000. E. Credit to "Note Payable" for $600,000. 2. Assume a company pays delinquent property taxes totaling $5,000 as part of a building's purchase. The journal entry to record this payment should include a credit to "Cash" and a debit to: A. Property Taxes Payable B. Building C. Property Tax Expense D. Accumulated Depreciation E. Loss on Purchase of Property 3. Costs incurred for land improvements are generally depreciable. A. True B. False 1. A family donated land to a corporation. The land has an appraisal value of $600,000. The corporation's journal entry to record this land donation should include a: A. Credit to "Sales Revenue" for $600,000. B. Credit to "Land" for $600,000. C. Credit to "Gain on Receipt of Donated Property" for $600,000. D. Credit to "Common Stock" for $600,000. E. Credit to "Note Payable" for $600,000. 2. Assume a company pays delinquent property taxes totaling $5,000 as part of a building's purchase. The journal entry to record this payment should include a credit to "Cash" and a debit to: A. Property Taxes Payable B. Building C. Property Tax Expense D. Accumulated Depreciation E. Loss on Purchase of Property 3. Costs incurred for land improvements are generally depreciable. A. True B. False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions