a A company purchased a property for $100,000. The property included building, a parking lot and land. The building was appraised at $66,500; the land at $49,500 and the parking lot at $18,900. The value of the land that will be included in the accounting record is?
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- Robertson Company exchanged a machine for some land. The machine had cost $17,000, was 70% depreciated, and could be sold for $4,500. Robertson paid $950 in addition to giving up the machine. compute the amount at which the land should be recorded.Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $972,500 cash. The land was appraised at $257, 226 and the building at $861, 149. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format.Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00
- On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land and the remaining $900,000 was allocated to the basis of the building. a) Assume the building was purchased and placed in service on March 3 instead of November 10. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? b) Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3?c) What would be the depreciation for 2022, 2023, and 2024 if the property were nonresidential property purchased and placed in service November 10, 2005 (assume the same original basis)?In its first year of business, Coronado purchased land, a building, and equipment on March 5, 2023, for $636,000 in total. The land was valued at $269,400, the building at $336,750, and the equipment at $67,350. Additional information on the depreciable assets follows: Asset Building Equipment (a) Land Residual Value Building Your answer is correct. $ $25,200 $ 4,000 Equipment $ Useful Life in Years Allocate the purchase cost of the land, building, and equipment to each of the assets. 60 8 254400 318000 Depreciation Method 63600 Straight-line Double diminishing-balanceCarver Incorporated purchased a building and the land on which the building is situated for a total cost of $847,200 cash. The land was appraised at $175,370 and the building at $798,910. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Total Allocated Cost $ 693,000
- On January 1, 2018, HI company purchased P1,000,000, 12% bonds for P1,063,394, a price that yields 10%. Interest on these bonds is payable every December 31. On April 1, 2020, HI sold P600,000 face value bonds at 101 plus accrued interest. The debt investment is designated as at FVPL. The market value of the bonds were: Dec. 31, 2018-P108; Dec.31, 2019 - P106; Dec. 31, 2020 –P104. How much is the interest income for year 2018?The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(294,000 ) (b) Payment for construction from note proceeds 294,000 (c) Cost of land fill and clearing 10,230 (d) Delinquent real estate taxes on property assumed by purchaser 7,990 (e) Premium on 6-month insurance policy during construction 11,280 (f) Refund of 1-month insurance premium because construction completed early (1,880 ) (g) Architect’s fee on building 26,210 (h) Cost of real estate purchased as a plant site (land $201,800 and building $54,800) 256,600 (i) Commission fee paid to real estate agency 8,660 (j) Installation of fences around property 3,810 (k) Cost of razing and removing building 11,840 (l) Proceeds from salvage of…Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
- Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $ 811,000 cash. The land was appraised at $223, 836 and the building at $708,814. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d . Record the purchase in general journal format.Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets be recorded? (Do not round intermediate calculations and round final answers to O decimal places e.g. 58,971.) Land Building LA LA Equipment $ Save for Later Recorded Amount eTextbook and Media DAE O Search LDLC 8 F8 DOLL Attempts: 0 of 3 used prt sc home Submit Answer end insertA company bought a building with the intention of selling it in two years ' time and not to use it for their own operations . The building will be reported in the classified Statement of Financial Position as: A) a an intangible asset b) property , plant and equipment с) a long -term investment d) a land expense
