ACCO 4400 7

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5 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ?    a) 191 VAT Deductible 72.000 TL (Creditor)  B) 250 Land and Lands Hs. 400.000 TL (Creditor)  NS) 391 Calculated VAT Hs. 72.000 TL (Borrower)  D) 252 Buildings Hs. 72.000 TL (Borrower)  TO) 250 Land and Lands Hs. 400.000 TL (Borrower)

QUESTION THREE Sea shores is a property investment company that focuses on buying landing and buildings for purposes for rental and resale purposes. The company currently own the follow land and buildings. Braamfontein land Umhlanga building Richards bay building Use Richards Bay land Pretoria Building Rented to the 30 June local 2019 30 Purchase Depreciation cost Model date policy municipality Consists of 5001 May 20% on cost 20 000 Cost apartments 2020 000 apartments are rented to tenants Will be sold on appreciation of the value Rented to tenants 30 April 2020 Occupied by 1 January sea shores 2020 10 000 Fair value 000 & 400 cost 000 12 000 Cost 000 1 February 20% on cost 8 000 2019 000 Fair value Fair value on 31 Dec 2020 14 000 000 25 000 000 5 400 000 10 000 000 10 545 800 Required Prepare all the necessary journal entry for the year ended 31 December 2020.

Subject - account

14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ?    a) 252 Buildings Hs. 72.000 TL (Borrower)  B) 250 Land and Lands Hs. 400.000 TL (Creditor)  NS) 250 Land and Lands Hs. 400.000 TL (Borrower)  D) 391 Calculated VAT Hs. 72.000 TL (Borrower)  TO) 191 VAT Deductible 72.000 TL (Creditor)

What amount of borrowing costs should be capitalized as cost of the asset? *a. P 360,000b. P 310,000c. P 328,750d. P 327,500

Problem 7-6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,306,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,000,000. b. Included in the assets purchased from Heinrich was a patent valued at $92,400. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only eight more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $362,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required: Required 2…

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Allocating payments and receipts to fixed asset accountsThe following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. A.  Fee paid to attorney for title search..............  $2,500 B.  Cost of real estate acquired as a plant site: Land  285,000 C.  Delonquent real estate taxes on property, assumed by purchaser...... 15,500 D.  Cost of razing and removing building acquired in B......... 5,000   E.  Proceeds from sale of salvage materials from old building........  4,000*  F.  Special assessment paid to city for extension of water main to the property......  29,000 G.  Architect's and engineer's fees for plans and supervision........ 60,000 H.  Premium on one-year insurance policy during construction.....  6,000 I.  Cost of filling and grading land............. 12,000 J.  Money borrowed to pay building contactor.......  900,000*  K.  Cost of…

How much is the cost of the qualifying asset on initial recognition? *       15,045,000       13,010,000       14,970,900       14,920,000

E10-18 Making a lump-sum puurchase of assets Learning Objective 1 Lot 3 S108,750 Dearwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot Appraised Value 1 $ 45,000 2 292,500 3 112,500 Dearwood paid $435,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout.

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Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Trademark Total Assets $99800 Ⓒ$175500 O $259700 O $105300 Ⓒ$189500 Ivanhoe Day Real Estate Balance Sheet December 31, 2021 Save for Later $ 25200 29600 Depreciation (19700) 80100 70600 50500 70200 84200 119500 $529900 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Common Stock Retained Earnings The total dollar amount of assets to be classified as current assets is Total Liabilities and Stockholders' Equity $119800 247600 $ 61000 15000 86500 162500 367400 $529900

How much is the total amount that would normally be reported as investment property? A. 130,000,000 B. 128,000,000 C. 137,000,000 D. 106,000,000   Show solution

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Print Rem A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is O $172,000 ON $160,000 Oc 1154,000 Od $120,000

ACCOUNTING FOR INVESTMENT PROPERTY.PROBLEM 1. PLEASE ANSWER  AND SHOW SOLUTION

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ACCOUNTING FOR INVESTMENT PROPERTY.PROBLEM 4.  PLEASE ANSWER  AND SHOW SOLUTION

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14 Majestic LLC purchased a factory for lump-sum of RO800,000 paid via bank. The fair value of each of component of the purchase is given below: Asset Fair Market value Land 85000 Building 155000 Equipment 460000   Calculate the amount at which each of the above components shall be recognized on purchase date and write the journal entry for recording purchase transaction.   a.   Dr Land Ac OMR 85000 Dr Building A/C 155000 Dr Equipment A/C 460000and Cr Cash A/C OMR 700000   b.    Dr Land Ac OMR 97120 Dr Building A/C 177120 Dr Equipment A/C 525760 and Cr Cash A/C OMR 800000   c.   None of the given options   d.   Dr Cash A/C OMR 800000 and Cr land A/c 97120 Cr Building A/C 177120 Equipment A/C 460000

E10-8 Asset Acquired by Donation A developer of a large shopping center donated a building and land to Hetting Co. without charge. The agreement provided that the company employ 350 people for 10 years. The land was appraised at $65,000 and the building at $44,000. Required: 1. Prepare the journal entry to record the acquisition of the land and building. 2. Next Level How should the 10-year agreement be reported in the financial statements? 3. Next Level If the title were not to pass until after 10 years, would your answers to Requirements 1 and 2 change?