Use the Following Company Information to Prepare a Schedule of Significant

question 36

Essay

Use the following company information to prepare a schedule of significant noncash investing and financing activities:
(a) Sold a building with a carrying amount of $125,000 for $195,000 cash and land with a carrying amount of $32,000 for $65,000 cash.
(b) Issued 10,000 $10 par value ordinary shares in exchange for equipment with a market value of $135,000.
(c) Retired a $100,000, 10% bond by issuing another $100,000, 12% bond issue.
(d) Acquired land by issuing a ten-year, 9%, $44,000 note payable.

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Definitions:

Meteoroid Impact

Meteoroid impact refers to the collision of a meteoroid with another celestial body, such as Earth, resulting in the creation of impact craters and sometimes initiating geological changes.

Upheaval Dome

A geological structure caused by the upward movement of underground salt creating a dome-shaped feature on the Earth’s surface.

Igneous Body

A mass of igneous rock formed from magma that has cooled and solidified either beneath the Earth's surface or upon it.

Meteorite Fragments

Pieces of a meteor that have survived the passage through Earth's atmosphere and landed on the surface.