CY Acquired Some Land in Exchange for 80 of Its

question 19

Essay

CY acquired some land in exchange for 80 of its own common shares. The shares were traded widely and sold at the time for $120 per share. The land is similar to other tracts, which recently sold for $10,000. Give the entry for the acquisition of the land. Below the entry, justify the basis for the amount you used in the entry.

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Definitions:

Pudendal Block

An anesthesia technique used during childbirth that numbs the lower part of the pelvis to reduce pain.

Alcock's Canal

A passage in the human body that carries the pudendal nerve and internal pudendal vessels alongside the ischial spine.

External Genitals

The parts of the genitalia that are visible outside the body, including the penis, scrotum, vulva, and labia.

Vitamin K

A group of fat-soluble vitamins essential for the clotting of blood and the health of bones.