Blossom Hospitalinstalls a new parking lot. The paving cost $29200 and the lights to illuminate the new parking a $11400 Which of the following statements is true with respect to these additions? 1.$11400 should be debited to Land Improvements. 2. $40600 should be debited to Land Improvements. 3.$29200 should be debited to the Land. 4.$40600 should be debited to the Land. < Save for Later don't use ai answer,i will 5 upvotes

Blossom Hospitalinstalls a new parking lot. The paving cost $29200 and the lights to illuminate the new parking a $11400 Which of the following statements is true with respect to these additions? 1.$11400 should be debited to Land Improvements. 2. $40600 should be debited to Land Improvements. 3.$29200 should be debited to the Land. 4.$40600 should be debited to the Land. < Save for Later don't use ai answer,i will 5 upvotes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Shoppers’ Market purchased for $245,000 a site onwhich it planned to build a new store. The site consistedof three acres of land and included an old house and twobarns. County property tax records showed the following appraised values for this property: land, $160,000; build-ings, $40,000. Indicate what Shoppers’ should do with this $245,000 cost in its financial statements, and explain yourreasoning.
Concord Corporation purchased a tract of unimproved land for $647,000. This land was improved and subdivided into building an additional cost of $122,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group No. of Lots Price per Lot 1 21 $23,600 2 13 19,200 3 9 19,300 Operating expenses for the year allocated to this project total $66,300. Lots unsold at the year-end were as follows: Group 1 9 lots Group 2 3 lots Group 3 4 lots At the end of the fiscal year Concord Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $ D 505400
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Whispering Corporation purchased a tract of unimproved land for $576,000. This land was improved and subdivided into building lots at an additional cost of $124,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group No. of Lots Price per Lot 1 21 $26,200 2 W N 13 18,500 3 9 18,100 Operating expenses for the year allocated to this project total $66,000. Lots unsold at the year-end were as follows: Group 1 Group 2 Group 3 9 lots 3 lots 4 lots E At the end of the fiscal year Whispering Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $ 60
Spector Enterprises needed a new soccer facility. They made the following expenditures for the project: Amount Expenditure Installation of machinery Machinery purchased Storage charges for machinery because new building was not ready Installation of new roof Architect's fees Hauling charges to move equipment from storage 8,286 72,349 662 1,178 7,820 396 19,892 Removal of old building 24 995,718 Construction costs of new building Cash paid for land and existing building Freight on machinery purchased Survey to site the new building Legal fees for title search Clearing of land for parking lot 107,544 1,227 5,358 915 5,906 REQUIRED: Prepare a schedule showing the amounts to be recorded as Land, Building, Machinery & Equipment, and Expenses. Use the following format: Machinery & Equipment Expenditure Building Expenses Land Totals
Because it violates the historical cost principle, the lower of cost or net realizable value (LCNRV) rule is NOT allowed by IFRS. True False The following costs were incurred to acquire and prepare land for a new parking lot: purchase price of land, $900,000; cost to clear the land, $40,000; cost of paving, $35,000; and cost of lighting for the parking lot, $20,000. How much should be recorded in the land improvements account? a.$40,000 b.$20,000 c.$55,000 d.$35,000
A land developer purchased some farmland to build a suburb. The full cost was $2,000,000 and the package was appraised as follows: land: $1,200,000; buildings, $900,000; land improvements, $300,000. In addition, the developer spent $550,000 installing utilities, $1,300,000 preparing the streets and $300,000 building a parking lot. The developer received $100,000 when the topsoil was sold. What amount should be recorded in the Land Improvements account? A)$250,000 B)$2,300,000 C)$600,000 D) $2,400,000 Please explain how and why to calculate impairment, I have tried and used the formula : (Fair Value/Total Fair Value) x purchase price - amount recoverable. This was my calculation but it is incorrect (300000/2450000) x 2000000 - 100000 = 1448980 Please provide the correct formula and how to know where to input each number !
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