substantially more risky than

substantially more risky than Eagle’s current business. Eagletransferred the following assets and accounts payable to SandCorporation in exchange for 5,000 shares of $10 par value stock ofSand: Cost Book Value Cash $ 30,000 $ 30,000 Accounts Receivable45,000 40,000 Inventory 60,000 60,000 Land 20,000 20,000 Buildings& Equipment 300,000 260,000 Accounts Payable 10,000 10,000Required: a. Prepare the journal entry that Eagle recorded for thetransfer of assets and accounts payable to Sand. (If no entry isrequired for a transaction/event, select “No journal entryrequired” in the first account field.) Show work and how you cameto the different numbers ex : investment in common stock


Eagle Corporation
Journal Entries in the books of Eagle Corporationfor transfer of assets to Sand Corporation
Particular Debit Credit
Investment in Sand Corporation Common stock(Balancingfigure) $ 400,000.00
Allowance for uncollectible AccountsReceivable=($45000-$40000) $      5,000.00
Accumulated Depreciation=($300000-$260000) $    40,000.00
Accounts Payable $    10,000.00
   To Cash $        30,000.00
   To Accounts Receivable $        45,000.00
   To Inventory $        60,000.00
   To Land $        20,000.00
   To Building & Equipment $       300,000.00
(Being amount of Assets and Liabilities transfer to SandCorporation)

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