Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $62,000. According to an independent appraisal, the old land currently is worth $116,000. Salad Express paid $15,000 in cash to complete the transaction.
Required:
1. What is the fair value of the new parcel of land received by Salad Express?
2. Record the exchange.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
You are evaluating your company's segmentation approach and discover an important missing condition. They have measured their target market and discovered it is reachable, stable, cost-effective, and measurable. Which condition is missing?
Answers (2)
The sales order processing step in the fulfillment process includes which of the following activities? a. Materials are shipped. b. An availability check is executed. c. A goods receipt is posted. d. A sales order is created. e.
Answers (1)
A credit card expense was posted to auto expense on September 23, but the credit card account was not paid until October 4.
Answers (1)
C. according to the theory of comparative advantage, which country would export oil? which country would export gold?
Answers (1)
Consider the problem of a rational consumer with an experienced utility function given by 10x√+m. let q denote the market price of good x. question.
Answers (1)
New Questions in Business
Buster industries pays weekly salaries of $17,800 on friday for a five-day week ending on that day. the adjusting entry necessary at the end of the fiscal period ending on tuesday is
Answers (1)
While working in a fast food outlet, Harold observed that most of the customers were working in offices in the neighborhood. Sensing a profitable opportunity, he decided to open a catering business.
Answers (1)
Suppose that dunkin donuts solicited a group of customers to provide feedback on its products over time; for example, completing a survey every six months over a period of years. what marketing research technique would this represent?
Answers (1)
The act of purposely failing to pay taxes is known asThe act of purposely failing to pay taxes is known as withholding. tax evasion. a progressive system. a tax penalty.
Answers (1)
Rich, Inc. acquired 30% of Doane Corporation's voting stock on January 1, 2018 for $1,000,000. During 2018, Doane earned $400,000 and paid dividends of $250,000.
Answers (1)