Answer:
A budget is a financial plan used to estimate future income and expenses. The budgeting process may be carried out by individuals or by organizations. Budgets help an entity determine whether it can continue to operate with its projected income and expenses.
Explanation:
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The computation shows that the amount that will be made will be $420.
<h3>How to compute the value?</h3>
From the information, it was stated that a particular plot of land can produce 700 kg of beef per hectare. beef sells for $4/kg.
It was then stated that if that land is converted to producing corn, which sells for $0.15/kg, approximately how much will the farmer make selling corn.
The amount made will be:
= 700 × 4 × 0.15
= 700 × 0.6
= $420
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Solution :
We know that the exchange takes place when the FMV receive is equal to the FMV given up.
Where the FMV = fair market value
The commercial substance means the future cash flows exchange.
The non monetary exchange refers to the cash which is less than 25% of the fair value exchange.
The journal entries for the Santana Corp. when the exchange lack the commercial substance are reported as :
Transaction Debit ($) Credit ($)
Asset(new) 11,000
Accumulated depreciation(old) 9,000
Asset (old) 28,000
Cash 2000
The journal entries for Delaware Corp. when the exchange lacks the commercial substance.
Transaction Debit ($) Credit ($)
Asset(new) 16,000
Accumulated depreciation (old) 10,000
Loss 2500
Assets (old) 28,000
