Use the Following Company Information to Prepare a Schedule of Significant

question 69

Essay

Use the following company information to prepare a schedule of significant noncash investing and financing activities:
(a) Sold a building with a book value of $300,000 for $225,000 cash and sold land with a book value of $40,000 for $65,000 cash.
(b) Issued 15,000 shares of $10 par value common stock in exchange for equipment with a market value of $175,000.
(c) Retired a $100,000, 8% bond by issuing another $100,000, 7% bond issue.
(d) Acquired land by issuing a twenty-year, 5%, $73,000 note payable.

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Definitions:

Thomas Drayton

A Confederate brigadier general during the American Civil War, known for his service in the Confederate States Army.

Confederate Cause

The ideological and political movement advocating for the secession of Southern states from the United States to preserve slavery and states' rights, leading to the American Civil War.

Northern Aggression

A term often used in the context of American history, particularly referring to the military actions of the Union against the Confederate South during the Civil War.