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Ques 1

Percent of total Initial


Asset Fair Value fair value Valuation
Land 100000 63% 87500
Building 60000 38% 52500
160000 140000

Journal
Land 87500
Building 52500
Cash 140000

Ques 2

Equipment 40741 PV(i=8%,n=1,pmt=0,FV=44000)


Discount on note payable 3259
Note payable 44000
( I have rounded off this amount you can also take 40740 and make
changes accordingly)

Ques 3
Truck 2900
Revenue-donation of asset 2900

Ques 4
Organization cost expense 5000
cash 5000

Ques 5
Machinery (19000+700) 19700
cash 19700

Ques 6
Office equiment 5900
common stock(200*$29.50) 5900

Ques 7
Land 24000
Cash 4000
Notes payable 20000
Ques 1

Percent of total Initial


Asset Fair Value fair value Valuation
Land 195000 65% 182000
Building 105000 35% 98000
300000 280000

Journal
Land 182000
Building 98000
Cash 280000

Ques 2

Equipment 52727 PV(i=10%,n=1,pmt=0,FV=58000)


Discount on note payable 5273
Note payable 58000

Ques 3
Truck 4300
Revenue-donation of asset 4300

Ques 4
Organization cost expense 6500
cash 6500

Ques 5
Machinery (33000+1400) 34400
cash 34400

Ques 6
Office equiment 7300
common stock(200*$36.50) 7300

Ques 7
Land 38000
Cash 6500
Notes payable 31500