Pharoah Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $390,600. The estimated fair values of the assets are land $74,400, building $272,800, and equipment $99,200. At what amounts should each of the three assets be recorded?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Pharoah Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $390,600. The estimated fair values of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Think of a fast food business (Subway, White Castle, McDonalds ...) Using your knowledge of the four types of resources (the factors of production), name the four resource types and provide examples of each used in that business.
Answers (1)
A client is performing the Rotation Test. During the test, her hands are "far from the wall" when performing shoulder internal rotation. Which muscles are likely underactive?
Answers (1)
A system where a signature or profile is created from the observation of usage over time. this signature is used as a baseline to detect intrusions.
Answers (1)
Using the allowance method for bad debts, the end of the period adjusting entry for estimated bad debts is: Multiple Choice Debit Bad Debts Expense and credit Accounts Receivable. Debit Allowance for Doubtful Accounts and credit Accounts Receivable.
Answers (2)
he Alford Group had 220,000 shares of common stock outstanding at January 1, 2018. The following activities affected common shares during the year. There are no potential common shares outstanding. 2018 Feb.
Answers (1)
New Questions in Business
In determining whether an activity should be classified as a hobby, the tax law provides a rebuttable presumption with regard to the profits or losses of an activity.
Answers (1)
Glassmaker has pre-merger $5 in debt and $10 in equity. Rate on debt is 11%. The risk free rate is 6%. The tax rate is 40%. The levered beta is 1.36. The equity risk premium is 4%.
Answers (1)
The Operations Section Chief: A. Sets up and maintains all incident facilities and food services. B. Coordinates communication between all responding agencies. C. Develops and implements strategies and tactics to achieve the incident objectives. D.
Answers (2)
A certain city reports the following year-end total assets: General Fund $18,400,000 Library Fund (a special revenue fund) 2,900,000 Debt Service Fund 2,600,000 Total governmental funds 26,300,000 Total governmental and enterprise funds combined
Answers (2)
A deposit of $870 earns interest rates of 10.7 percent in the first year and 8.7 percent in the second year. What would be the second year future value?
Answers (1)