JP acquired a tract of land and paid for it in full by issuing (A) $400,000 of its 9 percent bonds payable after a year and (B) 50,000 of its common shares. The shares were selling at $17.82 per share. The land should be recorded at a cost of (rounded to the nearest thousands):

Question

Quizplus · Accepted Answer

The Answer of JP acquired a tract of land and paid for it in full by issuing (A) $400,000 of its 9 percent bonds payable after a year and (B) 50,000 of its common shares. The shares were selling at $17.82 per share. The land should be recorded at a cost of (rounded to the nearest thousands):

JP Acquired a Tract of Land and Paid for It