Business
Business, 22.09.2020 14:01, luischavolla10

Lester Company transferred the following assets to a newly created subsidiary, Mumby Corporation, in exchange for 40,000 shares of its $3 par value stock: Cost Book Value
Cash $40,000 $40,000
Accounts Receivable 75,000 68,000
Inventory 50,000 50,000
Land 35,000 35,000
Buildings 160,000 125,000
Equipment 240,000 180,000
The following are the answers for Depreciation - how did they come up with those answers, if the questions doesn't give you more details?
Accumulated depreciation-Buildings 35,000
Accumulated depreciation-Equipment 60,000

answer
Answers: 2

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Lester Company transferred the following assets to a newly created subsidiary, Mumby Corporation, in...

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