At its inception,Peacock Company purchased land for $50,000 and a building for $220,000.After exactly 4 years,it transferred these assets and cash of $75,000 to a newly created subsidiary,Selvick Company,in exchange for 25,000 shares of Selvick's $5 par value stock.Peacock uses straight-line depreciation.When purchased,the building had a useful life of 20 years with no expected salvage value.An appraisal at the time of the transfer revealed that the building has a fair value of $250,000.
-Based on the information provided,at the time of the transfer,Selvick Company should record

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The Answer of At its inception,Peacock Company purchased land for $50,000 and a building for $220,000.After exactly 4 years,it transferred these assets and cash of $75,000 to a newly created subsidiary,Selvick Company,in exchange for 25,000 shares of Selvick's $5 par value stock.Peacock uses straight-line depreciation.When purchased,the building had a useful life of 20 years with no expected salvage value.An appraisal at the time of the transfer revealed that the building has a fair value of $250,000.
-Based on the information provided,at the time of the transfer,Selvick Company should record

At Its Inception,Peacock Company Purchased Land for $50,000 and a Building