Recording Land Acquisition Costs The following four cases are descriptions of land purchases. For each separate case: a. Determine the cost used for recording the land acquired b. Record the journal entry on the date of the land's acquisition Case One Case Two Case Three Case Four 1. At the midpoint of the current year, a 540,000 check is given for land, and the buyer assumes the ability for unpaid taves in arrears of $1,000 at the end of last year and those assessed for the current year of 5900 a. Determine the cost used for recording the land acquired Cost of lands 0 b. Record the journal entry on the date of the land acquisition Note: Record your credit accounts in alphabetical order using the first letter of the account name Support Dr. 0 0 0 Check Recording Land Acquisition Costs The following four cases are descriptions of land purchases. For each separate case: a. Determine the cost used for recording the land acquired b. Record the journal entry on the date of the land's acquisition Case One Case Two Case Three Case Four 2. A company issues 14,000 shares of 31 par common stock with a fair value of 56 per share (based upon a recent sale of 10 shes for land. The land is recently appraised at 580,000 by independent and competent Support appraisers. a Determine the cost used for recording the land acquired Cost of lands Record the journal entry on the date of the land's acquisition Note: Record your credit account in alphabetical order using the first letter of the accountame Ar Name 0 Check Recording Land Acquisition Costs The following four cases are descriptions of land purchases. For each separate case a. Determine the cost used for recording the land acquired b. Record the journal entry on the date of the land's acquisition Case One Case Two De Three Case Four 3. A company's offer to purchase and for 18.000 cash two years ago was rejected. Instead, the company acquires the land by wing 1.000 shares of 51 por common stock fair value of the stock is $780 per share based on several recent large transactions under normal weekly stock trading volume Determine the cost used for recording the land acquired Costos b. Record the journal entry on the date of the land acquisition Note: Record your credit account in alphabeticaorder using the first letter of the account Support Check Recording Land Acquisition Costs The following four cases are descriptions of land purchases. For each separate case: a. Determine the cost used for recording the land acquired b. Record the journal entry on the date of the lands acquisition Case One Case Two Case Three Corner 4. A company issues 1.000 shares of 540 par common stock for land. The fair value was 560 per share at the time of the land purchase(stock ses regularly with an average daly volume of 5,000 shares he seller had earlier offered to sell the land for 50.000 cash. Competent appraisers value the land at $61.000. a Determine the cost used for recording the land acquired stands b. Record the journal entry on the date of the land's acquisition Note Record your credit accounts in phabetical order using the first letter of the account name dins Check
