On December 1, 2011, Pyle Corporation exchanged 5,000 shares of its $25 par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by Pyle at a cost of $40 per share. Pyle's common stock had a fair market value of $50 per share on December 1, 2011. Pyle received $10,000 for scrap when an existing structure was removed from the site.
Required:
Definitions:
Demand
The amount of a product or service that buyers are ready and able to buy at different prices over a specified time frame.
Supply
The total amount of a specific good or service available for purchase at any given time.
Wheat Farmer
An individual or entity engaged in the cultivation of wheat as a commercial agricultural activity.
Weather
The state of the atmosphere at a particular place and time, encompassing conditions such as temperature, precipitation, and wind.
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