Luigi Tartini attends at his bank with a cheque and signs the back in front of the teller. This drawer of the cheque was Anothony Blair. Blair had endorsed the cheque, "for deposit only to the account of Michel Jones"
Which of the following is TRUE?
A) Luigi has acknowledged receiving the amount of the cheque from the teller.
B) The bank will not pay this cheque to Luigi
C) Luigi is entitled to be paid the amount of the cheque as he is the bearer of it
D) Both A and B
E) Both A and C
B
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At its inception, Peacock Company purchased land for $50,000 and a building for $220,000. After exactly 4 years, it transferred these assets and cash of $75,000 to a newly created subsidiary, Selvick Company, in exchange for 25,000 shares of Selvick's $5 par value stock. Peacock uses straight-line depreciation. When purchased, the building had a useful life of 20 years with no expected salvage value. An appraisal at the time of the transfer revealed that the building has a fair value of $250,000.Based on the information provided, what amount would be reported by Peacock Company as investment in Selvick Company common stock?
A. $250,000 B. $345,000 C. $301,000 D. $125,000
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