l*******w
发帖数: 61 | 1 Hi,
Here is a question that I don't know how to make the very first journal
entry for a newly incorporated corporation (C-corp).
A person contributes a house to incorporate a new company X. Info about the
house:
TaxBasis = 100
FairValue = 150
Mortgage = 180.
What is the proper accounting journal entry for the new company X?
I am puzzled how to deal with the negative asset. I guess if the mortgage
were 80, then this would be enough:
Dr. House 150
Cr. Mortgage Payable 80
Cr. Equity 70
But here the mortgage is 180, what to do? using goodwill, like?
Dr. House 150
Dr. Goodwill 30
Cr. Mortgage Payable 180
Cr. Equity 0
盼高手指点，不胜感谢。 | g****n
发帖数: 2324 | 2 real life question?
get a house at 100k and then 180k mortgage? i will default it right away...
anyway, what about debit retain earning? | R*********4
发帖数: 27 | 3 I would default too if it is a nonrecourse debt.
Looks like $30 a current year loss. | l*******w
发帖数: 61 | 4 谢谢。并非真实情形。只是想使逻辑上完整。不过现实中也许会发生？如此项资产确为
新公司经营所需。。。
【在 R*********4 的大作中提到】
: I would default too if it is a nonrecourse debt.
: Looks like $30 a current year loss.
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