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please show all work :) Nash Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In arrerrort to expandits procuction capacity
please show all work :)
Nash Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In arrerrort to expandits procuction capacity to meet the increased demand for its product, the company recently made several acquisitions of plant and equipment. Rob Joffrey, newly hired in the position of fixed-asset accountant, requested that Danny Nolte, Nash's controller, review the following transactions. Transaction 1: On June 1, 2025, Nash Company purchased equipment from Wyandot Corporation. Nash issued a $29.200,4-year, zero-interest-bearing note to Wyandot for the new equipment. Nash will pay off the note in four equal installments due at the end of each of the next 4 years. At the date of the transaction, the prevailing market rate of interest for obligations of this nature was 9%. Freight costs of $383 and installation costs of 5450 were incurred in completing this transaction. The appropriate factors for the time value of money at a 9% rate of interest are given below. Transaction 2; On December 1. 2025, Nash Company purchased several assets of Yakima Shoes Inc.n a small shoe manufacturer whose owner was retiring. The purchase amounted to $230.000 and included the assets listed below. Nash Compary engaged the services of Tennyson Apprabal inc., an independent appraiser, to determine the fair values of the assets which are also presented below. Durine its fiscal year ended May 31, 2026. Nash incurred 57,900 for interest expense in connection with the financing of these assets. Transaction 3: On March 1. 2026. Nash Conparw exchanged a number of used truchs plus cash for vacant land adjacent to its plant site. (The exchange has commerclal wibstance) Nanh intends to use the land for a parking lot. The truchs had a conbined book value of $37.510, as Nnh had recorded $19.320 of accurwilated depreciation against these assets. Nash's purchasing agent, who has had previous dealings in the secondhand market, indicated that the trucks had a fair value of $45.490 at the time of the transaction. In During its fiscal year ended May 31,2026, Nash incurred 57.900 for interest expense in connection with the financing of these assets. Transaction 3: On March 1, 2026, Nash Company exchanged a number of used trucks plus cash for vacant land adjacent to its plant site. (The exchange has commercial substance.) Nash intends to use the land for a parking lot. The trucks had a combined book value of $37,510, as Nash had recorded $19,320 of accumulated depreciation against these assets. Nash's purchasing agent, who has had previous dealings in the secondhand market, indicated that the trucks had a fair value of 545.490 at the time of the transaction, in addition to the trucks, Nash Company paid $18,500 cash for the land. (b) For each of the three transactions described above, determine the value at which Nash Company should record the acquired assets. (Round answers to 0 decimal ploces eg. 58,971.) Step by Step Solution
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