Business, 05.05.2020 02:36, AaronEarlMerringer

The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $88,510. (b) 13,000 shares of common stock with a par value of $52 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $885,100, of which $163,640 has been allocated to land and $721,460 to buildings. The stock of Marin Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at $68 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $60 per share. (c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during

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The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this l...