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If3,000 shares of £20 par-value common stock are issued in exchange for land with a fair market value of £90,000, the land and common stock (along with any additional paid-in capital) should be recorded at:
a. £0
b. £3,000
c. £60,000
d. £90,000
D-90000 the fair market value
option D will b ethe correct ans
The answer is,, because trading securities are to be recorded at market price, but the fluctuations in the value of the assets is recorded in the income statement at fair value or mark to market.
The Answer is C60000 pounds since the actual cost incurred is60000 pounds, further it can be said that the company cracked a good deal on the basis of negotiation
Answer is,/- . Fair value is irrelevant. The amount paid is,/- for land.
0 as it is the actual cost >>>>>
