Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. part a: on august 8, 2020, poole corp purchased a

Part A: On August 8, 2020, Poole Corp purchased a new...

60.1K

Verified Solution

Question

Accounting

image
Part A: On August 8, 2020, Poole Corp purchased a new building by transferring $50,000 cash and land over to the other company. The land has a book value of $180,000 and a fair market value of $200,000 Prepare the journal entry Poole should make to record the exchange of land and cash for the building, assuming the exchange has commertial substance. Date 8/8/20 Debit Credit Part B: If the above exchange were deemed to have non-commercial substance, by what amount should the "Building" account be debited

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Give a direct proof for the 2nd Isormorphism Theorem of bi-modules over rings.

Advance Math
Q

a)During an experiment, a student mixed 14.5mL of a 0.500 M sodium fluoride solution with 15.6...

Chemistry
Q

Maple Leaf Holdings Limited (“ML”) is a company listed on Hong Kong Stock Exchange. Together with...

Accounting
Q

True False Question 2 All land plants exhibit alternation of generations O True False Question...

Biology
Q

In an experiment on photoelectric effect of the incident radiation is of the incident radiation...

Physics
Q

7 51 A wooden stick of length L radius R and density p has a...

Physics
Q

iddle angle ches o the ce of rallel 9 A car is fitted with a...

Physics
Q

State the domain and range for the following relation. Then determine whether the relation represents...

Basic Math
Q

Find the differential of each function a y x sin 4x dy 4x cos 4x...

Calculus
Q

Reming hours, 18 minutes. 02 seconds Jun completion to QUESTION 19 points Question...

Accounting
Q

Standards differ from budgets in that Select one: a.budgets but not standards may be used...

Accounting
Q

Purchase Discounts (Periodic System) Murphy Company purchased merchandise of $40,000, terms 2/10, n/30. Periodic System...

Accounting