Bramble Corp. Senior Living Company is constructing a new duplex. During construction, the following were among the costs incurred:General contractor payments for materials and direct laborUtility costs attributable to self-constructionSupplies attributable to self-constructionFacilities Director Salary (30% of time spent on construction)Facilities Director Benefits Charge$1016000O $-0-O $182900O $158000O $18770074000840008300016000What amount of overhead (variable and fixed) should be included in the cost of the self-constructed asset? * Your answer is incorrect.In a nonmonetary exchange of plant assets, accounting recognition should not be given toa portion of the gain when the exchange has no commercial substance and cash is received (when the cash received is lessthan 25% of the fair value of the exchange).a portion of the gain when the exchange has no commercial substance and cash is paid (when the cash paid is less than 25%of the fair value of the exchange).a gain when the exchange has commercial substance.a loss when the exchange has no commercial substance.

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Bramble Corp. Senior Living Company is constructing a new duplex. During construction, the following were among the costs incurred: General contractor payments for materials and direct labor Utility costs attributable to self-construction Supplies attributable to self-construction Facilities Director Salary (30% of time spent on construction) Facilities Director Benefits Charge $1016000 74000 84000 83000 16000

Bramble Corp. Senior Living Company is constructing a new duplex. During construction, the following were among the costs incurred: General contractor payments for materials and direct labor Utility costs attributable to self-construction Supplies attributable to self-construction Facilities Director Salary (30% of time spent on construction) Facilities Director Benefits Charge $1016000 74000 84000 83000 16000

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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