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Tinsley carried the land at its original cost of $65,000. According to an independent appraisal, the land 2 The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther

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2-3 Quiz Chapter 10 0 Saved from residential areas. Tinsley carried the land at its original cost of $65,000. According to an independent appraisal, the land 2 The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther
1 currently is worth $156,000. Tinsley paid $22,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?
2. Prepare thejournal entry to record the exchange assuming the exchange has commercial substance. 3. Prepare thejournal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare thejournal entry to record the exchange except that Tinsley received $27,000 in the exchange, and the exchange lacks
commercial substance. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? Req 2 and 3 >

 
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The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas.

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12 The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther
from residential areas. Tinsley carried the land at its original cost of $65,000. According to an independent appraisal, the land
currently is worth $156,000. Tinsley paid $22,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?
2. Prepare thejournal entry to record the exchange assuming the exchange has commercial substance.
3. Prepare thejournal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare thejournal entry to record the exchange except that Tinsley received $27,000 in the exchange, and the exchange lacks
commercial substance. Complete this question by entering your answers in the tabs below. Req 4 Prepare the journal entry to record the exchange except that Tinsley received $27,000 in the exchange, and the exchange lacks commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first
account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Req 1 Req 2 and 3 Record the exchange except that Tinsley received $27,000 in the exchange,
and the exchange lacks commercial substance.

 
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2-3 Quiz Chapter 10 0 Saved from residential areas. Tinsley carried the land at its original cost of $65,000.

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I don’t know how to fix this question. Could someone help me and give me a explaination?

 
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At the beginning of 2011, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet

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At the beginning of 2011, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet frozen foods. The equipment was estimated to have a 10-year service life and no residual value. The straight-line depreciation method was used to measure depreciation for 2011 and 2012.

Late in 2013, it became apparent that sales of the new frozen food line were significantly below expectations. The company decided to continue production for two more years (2014 and 2015) and then discontinue the line. At that time, the equipment will be sold for minimal scrap values.

The controller, Heather Meyer, was asked by Harvey Dent, the company’s chief executive officer (CEO), to determine the appropriate treatment of the change in service life of the equipment. Heather determined that there has been an impairment of value requiring an immediate write-down of the equipment of $12,900,000. The remaining book value would then be depreciated over the equipment’s revised service life.

The CEO does not like Heather’s conclusion because of the effect it would have on 2013 income. “Looks like a simple revision in service life from 10 years to 5 years to me,” Dent concluded. “Let’s go with it that way, Heather.”

What is the difference in before-tax income between the CEO’s and Heather’s treatment of the situation?

Discuss Heather Meyer’s ethical dilemma. Do you agree with the ethical perspectives of your classmates? What implications could this have on future Healthy Life Food Company dealings?

Please answer all the questions. Thank you. Don’t miss anyone question.

 
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