Answer:
1. $173,500
2. $ 71,000
Explanation:
Requirement 1: Solution
We can calculate the fair value of new parcel of land just by adding the current market price with additional cash paid to complete the transaction
Fair Value = Current market price + cash paid additionally
Fair Value = $150,000+$23,500
Fair value = $173,500
Requirement 2: Solution
We need to calculate Gain/loss on exchange first in order to record them on books. This can be done by just subtracting the land's book value from the current market price of land
Gain/loss on exchange = Current market price - book value
Gain/loss on exchange = $150,000 - $79,000
Gain/loss on exchange = $71,000
Entries: Debit Credit
New land $173,500
Old land $79000
Cash $23,500
Gain $71,000
<span>Budgeting ...Accounting. ...Marketing. ...Sales. ...Hiring Employees. ...Customer Service. Maybe!</span>
Answer:
Managing
Explanation:
Managing involves effectively utilising an organisation's resources and bringing employees together to meet set goals and objectives.
Good management helps create a dynamic team where employees collaborate and give their best to achieve collective goal.
Roles are well defined and review and planning is done to effectively drive the team to success.
