Solved: Common stock in exchange for all of the shares of carnes, Accounting Basics

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Common stock in exchange for all of the shares of carnes

Problem:

The fair value of Carnes' Land and Buildings are $650,000 and $550,000, respectively. On May 1, 2000, Riley Company issues 30,000 shares of its $10 par value ($25 fair value) common stock in exchange for all of the shares of Carnes' common stock.

On May 1, 2000, what value is assigned to the investment account?

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Accounting Basics: Common stock in exchange for all of the shares of carnes

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Accounting Basics: Common stock in exchange for all of the shares of carnes

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