Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Valley corporation aquired solution general accounting question
Transcribed Image Text:Valley Corporation acquired a warehouse in exchange for 8,000
shares of its $10 par value common stock. The stock is actively traded
on the market at $22 per share. The warehouse was recently
appraised at $190,000 for insurance purposes. At what amount
should Valley Corporation record the warehouse?
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