Required 7. Determine the cost usedflor recording the and acquired in eadh case. b. Fecord the journal entry tor each case on the date of the lands acouistion. Note Round your answeis to the neares whole dollar. 1. A the midpoint of the currem year, a sho.000 checkis given for tand, and the tuyer assumes the flabilicy for unpaid taxes in arrears of 31.000 at the end of last year and those atseised for mhe cuirentiymar of 1900 a. Deteritine the cost used for recording the land acquired: cot ot land 1 b. Hecoed the purnal entry on the date of the lanes acquiston. 3. A company issues, 14,000 shares of $1 par commicn stock with a fair value of $6 per sture (based upon a recent sale of 10 thares) for land. The land is recerity appraist at 350,000 by incependent and cortipetent appralser1. a. Determine the coit used for recordins sthe lind accuared. Cost of ind 1 4. Becord the poumul eniry on the date of the Moifs ocquiseion a. Betermine the cost used for recording, the land acquited cost ot lind 1 U. Aeconit the journal enory on the dase of itue lands acquivion 4. A company issues 1,000 shares of 540 par common stock for land. The tair value wat $00 per share at the time of the land purchase (the stock sells regilarly with an average daily valume of 5,000 share). The seller had ealler offered to sell the land for 559,000 cash. independent apprasers value the land at 361,000 a. Determine the cost vied for recoeding tha land acquied cost of tund 1 b. Hecord the pournal entyy on the date of the lanifs acquiviton Required 7. Determine the cost usedflor recording the and acquired in eadh case. b. Fecord the journal entry tor each case on the date of the lands acouistion. Note Round your answeis to the neares whole dollar. 1. A the midpoint of the currem year, a sho.000 checkis given for tand, and the tuyer assumes the flabilicy for unpaid taxes in arrears of 31.000 at the end of last year and those atseised for mhe cuirentiymar of 1900 a. Deteritine the cost used for recording the land acquired: cot ot land 1 b. Hecoed the purnal entry on the date of the lanes acquiston. 3. A company issues, 14,000 shares of $1 par commicn stock with a fair value of $6 per sture (based upon a recent sale of 10 thares) for land. The land is recerity appraist at 350,000 by incependent and cortipetent appralser1. a. Determine the coit used for recordins sthe lind accuared. Cost of ind 1 4. Becord the poumul eniry on the date of the Moifs ocquiseion a. Betermine the cost used for recording, the land acquited cost ot lind 1 U. Aeconit the journal enory on the dase of itue lands acquivion 4. A company issues 1,000 shares of 540 par common stock for land. The tair value wat $00 per share at the time of the land purchase (the stock sells regilarly with an average daily valume of 5,000 share). The seller had ealler offered to sell the land for 559,000 cash. independent apprasers value the land at 361,000 a. Determine the cost vied for recoeding tha land acquied cost of tund 1 b. Hecord the pournal entyy on the date of the lanifs acquiviton
