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Auto purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds as follows: Demolilitipn of existing building on site: $75,000 Legal and other fees to close escrow: $15,000 Proceeds from sale of demolition scrap: $10,000 What would be the cost of land? A. $500,000 B. $575,000 C. $580,000 D. $590,000

The Open Grill incurred the following costs in acquiring a new piece of land: Purchase price $80,000 Commissions 4,800 Liability insurance for the first year 1,200 20,000 Cost of removing existing building Sale of salvaged materials (4,000) Total costs $102,000 What is the total capitalized cost of the land? Multiple Choice O O $102,000. $80,000. $100,800. $106,000.

A1 Wholesale Jewelry Company acquires land for $240,000 cash. Additional costs are as follows: Removal of shed $2,000 Filling and grading 6,000 Proceeds from sale of salvage 1,280 materials Broker commission 4,520 Paving of parking lot 40,000 Closing costs 3,400 A1 will record the acquisition cost of the land at A) $255,920. B) $240,000. C) $254,640. D) $257,200.

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1 QUE Sunland Company acquires land for $85700 cash. Additional costs are as follows: Removal of shed $ 250 Filling and grading 1600 Salvage value of lumber of shed 160 Broker commission 1100 Paving of parking lot 9700 Closing costs 570 Sunland will record the acquisition cost of the land as     $87370.   $89380.   $89060.   $95400. 2 QUE A company has the following assets: Buildings and Equipment, less accumulated depreciation of $2010000 $9520000 Copyrights 959000 Patents 4100000 Timberlands, less accumulated depletion of $2760000 4870000 The total amount reported under Property, Plant, and Equipment would be     $19449000.   $15349000.   $14390000.   $18490000.

Cost of a Fixed Asset Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $83,000; interest charges, $500; real estate commissions, $4,800; delinquent property taxes, $1,500; closing costs, $3,300; and clearing and grading of the land, $8,100. Required: Determine the cost of the land. X Feedback Check My Work The cost of a fixed asset is any expenditure necessary to acquire the asset and to prepare the asset for use. These expenditures are said to be capitalized. screen rec

Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 and giving a short-term note for $248,000. Legal fees paid were $2,440, delinquent taxes assumed were $14,400, and fees paid to remove an old building from the land were $20,600. Materials salvaged from the demolition of the building were sold for $4,300. A contractor was paid $878,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $

O Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and giving a short-term note for $325,000. Legal fees paid were $2,375, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $22,200. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,076,200 to construct a new warehouse. Determin he cost of the land to be reported on the balance sheet.

Required Information (The following information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $644,000, with a useful life of 20 years and a $60,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,736,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $392,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value $ 328,400 175,400 2,202,000 164,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. View…

! Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 2 > Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry…

What is the proper capitalized cost of the printing press?

Required Information [The following information applies to the questions dlisplayed below.] On January 1, Mitzu Co. pays a lump-sum amount of $2,600,000 for land, Bulding 1. Bullding 2. and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appralsed at $780,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 Is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,800,000. The company also Incurs the following additional costs. $ 343,400 191,400 Cost to denolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $482,000 salvage value Cost of new Land Improvenents 2 having a 28-year useful life and no salvage value 2,222,809 178,000 2 Prepare a single journal entry to record all the Incurred costs assuming they are pald In cash on January 1. Vlew transaction let Journal entry worksheet…

Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $33,000 and giving a short-term note for $248,000. Legal fees paid were $1,570, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $20,800. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $854,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

• Johns Company has three assets that are depreciated straight-line under one Group Depreciation account. The following information is available: Total Cost Salvage Value Estimated Useful Life Machine A $550,000 $50,000 20 years Machine B $200,000 $20,000 15 years Machine C $40,000 5 years If Johns sells Machine A after 5 years for $260,000, The journal entry will include: Debit to Loss on Sale of $165,000 O Credit to Gain on Sale on $145,000 O Debit to Accumulated Depreciation for $290,000 Debit to Accumulated Depreciation for $125,000

Question text Depreciation Choices and Outcome.Mulligan Co. purchased a new machine on January 1. The following information pertains to the purchase: Life of asset 5 years Salvage value $3,000 Purchase price 18,000 Sales tax 1,000 Freight cost 800 Electrical set-up 700 Custom programming 500 Estimated annual labor savings 3,500 Additional revenue generated 8,000   a. Determine the capitalized cost of the new machine$Answerb. Compute annual depreciation, accumulated depreciation and the machine's book value for the first three year assuming:i. Straight-line depreciationii. Double-declining-balance method   Straight-Line Depreciation Double-Declining Balance   DepreciationExpense AccumulatedDepreciation Book Value atYear-end   DepreciationExpense AccumulatedDepreciation Book Value atYear-End Year 1               Year 2               Year 3                   c. Assume the machine is sold for $8,000 at the end of the third year after depreciation…

FE17 Revson Corporation purchased land adjacent to its plant to improve access for trucks makingdeliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000;broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on theproperty, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and pavingdriveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account

Dickinson Inc. owns the following assets Asset Cost Cost salvage Estimated useful life A $70,000 $7,000 10 Years B $50,000 $5,000 5 years C $82,000 $4,000 12 years Compute the composite depriciation rate and the composite life of Dickinson's asset