On October 17, CORAL Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of CORAL? A. ₱ 1,700,000 B. ₱ 1,800,000 C. ₱ 1,500,000 D. ₱ 2,100,000
On October 17, CORAL Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of CORAL? A. ₱ 1,700,000 B. ₱ 1,800,000 C. ₱ 1,500,000 D. ₱ 2,100,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 1MC
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On October 17, CORAL Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of CORAL?
A. ₱ 1,700,000
B. ₱ 1,800,000
C. ₱ 1,500,000
D. ₱ 2,100,000
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