Question : How much should the Land be recorded in the books? Note: Present the proper solution

Fantastic news! We've Found the answer you've been seeking!

Question:

Question: How much should the Land be recorded in the books?

Note: Present the proper solution in a good accounting.

Justin Company purchased a plant facility consisting of land and building 1 point from Joshua Company in exchange for 200000 shares of Justin's share capital. On the acquisition date. Justin's shares had a closing market price ' of P65 on a stock exchange while its par value is P50. The plant facility was carried in Joshua's books at P3,000.000 for the land and P8,000,000 for the building at the exchange date. Current assessed values for the land and building, reapectively are P4500000 and 7,000,000. How much should the Land he recorded in the books? ( Answer should be two decimal places, no comma or peso sign) * Your

Posted Date: Jun 21, 2024 11:09 PM

See More Questions

Logan Company manufactures several toy products. One is a large plastic truck. which requires a plastic truck body, two metal axles, and four rubber wheels. Logan presently manufactures and assembles...
Bey Technologies is considering changing its credit terms from 2/15, net 30, to 3/10, net 30, to speed collections. At present, 40 percent of Beys paying customers take the 2 percent discount. Under...
Please answer and show all work: (a) Calculate the de Broglie wavelength (in m) of a 2.20 kg rock thrown with a speed of 4.70 m/s into a pond. m (b) Is this wavelength similar to that of the water...
a)Rank the following liabilities, with respect to funding risk (a form of liquidity risk), from 1 (Lowest risk) to 4 (Highest risk): Term deposits; Commercial paper; Demand deposits; Interest-bearing...
A journal entry that contains more than just two accounts is called: a. A posted journal entry b. An adjusting journal entry c. An erroneous journal entry d. A compound journal entry
Some accounting students believe that debits are good and credits are bad. Explain why this is not an accurate way to think about debits and credits.
The following data (and annotations) are for Sutter Companys processing department work in process account for the month of June 2016: Sutter uses the weighted average method. Materials are added at...
Financial Statements Indicate which statement (or statements) you would examine to locate the following items: balance sheet (BS), income statement (IS), statement of stockholders' equity (SSE), or...
Principles of Accounting Which of the following accounting principles applies to the statement of cash flows? a. Materiality b. Conservatism c. Accrual basis of accounting d. Cash basis of accounting
Lease contract valued $10,000 is to be fulfilled by payments of $200 due at the begging of each month. It money is worth 8% compounded monthly Determine the size of the final lease payment?

Question : How much should the Land be recorded in the books? Note: Present the proper solution

Question:

Expert Answer:

Students also viewed these accounting questions