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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- 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 PayableSEASH, 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?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 66,000
- Foley Distribution Service pays $330,000 for a group purchase of land, bulding, and equipment At the time of acquisition, the land has a current market value of $36,000, the building's current market valu $36, 000, and the equipment's current market value is $ 283,000. Prepare a schedule allocating the purchase price of 5330.000 to each of the individual assets purchased based on their relative market val journalize the lump - sum purchase of the three assets. The business signs a note payable for the purchase price1. Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $75,000, the building’s fair value is $60,000, and the equipment’s fair value is $15,000. Journalize the lump-sum purchase of the three assets for a total cost of $140,000. Assume you sign a note payable for this amount. Show all steps please.Anderson Corporation has purchased a group of assets for $23,200. The assets and their relative fair value are listed below Land Equipment Building $7,300 2,300 3,100 Which of the following amounts would be debited to the Land account? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar OA $4.233 OB. $4,176 OC. $5.568 OD. $13,224
- ABC purchased a plant, including land, building and machinery, for P110,000. These items were carried on the books of the seller as follows: land, P30,000; building. P60,0003; and machinery, P30,000. Immediately after the purchase, the assets were appraised at the following values: land, P30,000%3; building, P45,000; and machinery. P75,000. What cost should ABC record for the Building?Financial Accounting provide answerPlease help me with this question