On January 1, 20xx, Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, 20xx, Swenson purchased 2,000 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1, 20xx. The journal entry to record the purchase of the
treasury shares on February 1, 20xx, would include a
A) credit to Treasury Stock for $48,000.
B) debit to Treasury Stock for $48,000.
C) debit to a loss account for $6,000
D) credit to a gain account for $6,000.
B
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a. improper use of off-balance-sheet arrangements b. improper expense recognition c. improper accounting for business combinations d. improper revenue recognition
O'Keith Company purchased a mine on January 1, 2018, for $530,000. The mine is estimated to contain 37,000 tons of iron ore. There is no residual value. The business extracted and sold 2500 tons of ore in 2018 and 19,800 tons of ore in 2019. What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
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