Raptor Company owns a tract of land that it purchased in 2008 for $200,000 . The land is held as a future plant site and has a fair market value of $280,000 on July 1 . 2014 . Talon Company also owns a tract of land held as a future plant site. Talon paid $360,000 for the land in 2013 and the land has a fair market value of $380,000 on July 1 . 2014 . On this date, Raptor exchanged its land and
paid $100,000 cash for the land owned by Talon. The exchange had commercial substance. At what amount should Raptor record the land acquired in the exchange?
a. $280,000
b. $300,000
c. $320,000
d. $380,000
D
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Judith supervises a call center department that receives stress-producing calls from unhappy customers. Turnover has increased by 33 percent over the last four months. Judith is understanding and patient with her staff, and tells them she knows what they're going through since it wasn't so long ago that she took those calls. According to revised path-goal theory, Judith is using a(n) ______ leadership style.
A. supportive B. interaction facilitation C. work facilitation D. achievement-oriented E. value-based
A disadvantage of interest expense over dividends is its tax deductibility
Indicate whether the statement is true or false
The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:
A. Last-in, first-out method. B. Retail inventory method. C. Specific identification method. D. Weighted average inventory method. E. First-in, first-out method.
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The journal entry to record the dividend declaration is:
A. Debit Retained Earnings $4,000; credit Common Dividends Payable $4,000. B. Debit Common Dividends Payable $4,000; credit Cash $4,000. C. Debit Common Dividends Payable $4,500; credit Cash $4,500. D. Debit Retained Earnings $10,000; credit Common Dividends Payable $10,000. E. Debit Retained Earnings $4,500; credit Common Dividends Payable $4,500.