Bowie Company made a lump sum purchase of land, buildings, and equipment. The following were the appraised values of each element: PP&E Element Amount Land Building Equipment $15,000 25,000 40,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building?
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- General accountingWhat value should be allocated to the building for this accounting question?Pittsfela Sound Center paid $200,000 for a group purchase of land, bulding, and equipment At the time of the acquisition, the land had a market value of $105,000, the bulding $84.000, and the equpment $21,000. Journalze the lump-sum prchase of the three assets for a total cost of $200.000. the amount for which the business signed a note payabie. (Record a sngle compound journal enty. Record debits frst then eredits Select the explanation on the last ine of the joumal entry table) Date Accounts and Explanation Debit Credit Land Buiding Equoment Notes Payable
- These expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900SEASH, Inc. acquired an office building, land, and equipment in a single basket purchase. The fair values were $2,400,000, $1,200,000, and $400,000 for the building, land, and equipment, respectively. The company recorded the building for $2,160,000. What was the total purchase cost for all three assets? Select one: a. $3,400,000 b. $3,600,000 c. $3,200,000 d. $3,800,000 e. $4,000,000provide the answer
- Korn Company purchased land, land improvements and building from Intouch Company for P28.8M and furniture and equipment from In Company for P11.2M. The total cash outlay for the two transactions amounted to P40M. The appraised value of the assets are: Building -P12M; Furniture -P7M; Equipment- P5M; Land- P21M; and Land Improvements- P3M. What is the allocated cost of the building?Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?The Zylo Corp. made a basket purchase of Land, Building, and Equipment for $6250000. The appraised value of each asset was listed as follows. Land at $1500000, Building at $3900000, and equipment at $1200000. Required: Calculate the cost assigned to each asset.
- Excellent Company purchased a plant, including land, building and machinery, for P 110,000. These items were carried on the bools of the seller as follows: land, P 30,000; building, P 60,000; and machinery, P 30,000. Immediately after the purchase, the assets were appraised at the following values: land, P 30,000; building, P 45,000; and machinery, P 75,000. QUESTION: What cost should Excellent record for the land, building and machinery, respectively? O P 36,666; P 36,667; P 36,667 O P 22,000; P 33,000; P 55,000 O P 27,500; P 55,000; P 27,500 O P 24,000; P 30,000; P 66,000Carlos Company purchased a building and land for $400,000 in total. Individually, the landappraised for $84,000 and the building appraised for $336,000. How much of the purchaseprice should be allocated to the cost of the land?a. $75,000b. $80,000c. $84,000d. $400,000Question: Zinski Co. paid $150,000 for a purchase that included land, building, and office furniture. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Land, $20,000, Building, $150,000, and Office furniture, $30,000. Based on this information the cost that would be allocated to the land is