In its first year of operations, Wiley Ltd. had the following transactions relating to its common shares: Jan 1 Issued 5,000 shares for cash at $45 per share. Jul 1 Issued 3,000 shares for cash at $43 per share. Dec 1 Issued 6,000 shares for the acquisition of land. The land has a fair value of $180,000 and the shares are currently trading at $46 each. If Wiley Ltd is preparing statements in accordance with International Financial Reporting Standards (IFRS), the sum of the entries for the first year would be:

Sum of Entries for the First Year

Land $ 276,000 (debit)

Cash $225,000 (debit)

Equity $501,000 (credit)

Explanation:

Jan 1

Cash $225,000 (debit)

Equity $225,000 (credit)

5,000 × $45 per share = $225,000

Dec 1

Land $ 276,000 (debit)

Equity $ 276,000 (credit)

6,000 shares × $46 each = $ 276,000

Land is Initially Recognised at Cost in terms of IFRS (IAS 16)

Sum of Entries for the First Year

Land $ 276,000 (debit)

Cash $225,000 (debit)

Equity $501,000 (credit)

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%