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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
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
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