Company X decided to buy some assets from the heater company, Company Y, for $100,000.00 Company Y is in the process of liquidation. The assets sold are as follows:   Book Value Fair Value Supplies $45,000 $40,000 soil $20,000 $25,000 building $45,000 $60,000   $110,000 $125,000   Asked Calculate the cost of each asset that must be recorded

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2,…

A: Preparing a statement showing apportionment of lump sum amount paid to acquire the assets as…

Q: Wellsley Corporation purchased an old building and the land on which it is located for $70,000. The…

A: The capitalized cost is the cost of fixed assets that is reported in the balance sheet of the…

Q: Want Answer of the question

A: simple bro  Accumulated depreciation on the asset = Cost of the asset - Book value of the Asset so,…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2,…

A: Enhancements done to a piece of land to make it more valuable, appealing, or usable are called land…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,800,000 for land, Building 1, Building 2,…

A: The journal entries are prepared to record the transactions on regular basis.The journal keeps the…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2,…

A: The journal entries are prepared to record the transactions on regular basis. The lump-sum purchase…

Q: Protex Inc. acquired land, buildings, and equipment from a bankrupt company, for a lump-sum price of…

A: Journal entries are defined as the recording of transactions in the books of the company. Each…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for lånd, Building 1, Building 2,…

A: The lump sum amount paid to acquire various assets is allocated to different assets on the basis of…

Q: Robertson Company exchanged a machine for some land. The machine had cost $17,000, was 70%…

A: Formula to compute new machine amount to be recorded:New machine amount = Sale value of the new…

Q: 1 QUE Sunland Company acquires land for $85700 cash. Additional costs are as follows: Removal of…

A: “Hey, since there are multiple questions posted, we will answer only one question, as per our…

Q: In 2009, Cilla Company acquired production machinery at a cost of $420,000, which now has…

A: The objective of the question is to calculate the amount that Cilla should recognize as a loss on…

Q: capitalized amount of the equipment?

A: Meaning of Capitalized costs Capitalized costs includes all the fixed costs incurred in purchase of…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2,…

A: The straight line depreciation method depreciates the assets equally each year. Depreciation expense…

Q: Rigley Industries sells a plant asset which originally cost $240,000 for $90,000 on December 31,…

A: SOLUTION-   GAIN OR LOSS ON DISPOSAL = ORIGINAL COST -ACCUMULATED DEPRECIATION- SALES VALUE.

Q: Building Gross Value Building Accumulated Depreciation Net carrying value Before Revaluation…

A: The revaluation method of assets involves adjusting the carrying amount of certain assets to their…

Q: The capitalized cost of the equipment was

A: The capitalised cost of equipment is all the costs incurred by the company up to the installation of…

Q: Concord Company acquires land for $86700 cash. Additional costs are as follows: Removal of shed…

A: The cost of land improvements includes all expenditures associated with making the improvements…

Q: Soccer Wholesale purchased land and a warehouse for one price of $850,000. In addition to the…

A: cost of land = cost of land and warehouse purchased + brokers commission + title insurance +…

Q: llocate the costs incurred by Mitzu to the appropriate columns and total each column.

A:

Q: Oriole Company acquires land for $86300 cash. Additional costs are as follows: Removal of shed…

A: The cost of the Acquisition of every property includes the commonly cost of the property and broker…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2,…

A: The acquisition cost of fixed assets is apportioned to different assets on the basis of percentage…

Q: Required information [The following information applies to the questions displayed below.] Shahia…

A: The depreciation is the decrease in the value of the asset due to wear and tear over the useful life…

Q: A machine with a cost of $164,000 and accumulated depreciation of $102,000 is sold for $53,600 cash.…

A: Lets understand the basics. Cashflow are divided into three parts which are, (1) Cashflow from…

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2,…

A: The journal entries are prepared to record the transactions on regular basis. The journal keeps the…

Q: please provide answer

A: Step 1: Gain on sale original formula Gain on sale = Proceeds - (Original cost - Accumulated…

Q: 1980, Artima Corporation purchased an office building for $400,000 for use in its business. The…

A: Sec 1231 of Depreciable Business Property which is held for more than one year .Sec 1231 includes…

Q: Assume Sambazon.come sold an acai processing machine for $172,000 cash. If accumulated depreciation…

A: Sale price = $172,000 Accumulated depreciation = $58,311 Gain = $6,721

Q: Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Harding Corporation acquired real estate that contained land, building and equipment. The property…

A: The reported cost of building is based on the total cost of purchase and the total appraised value.…

Q: Pointer Company buys a piece of property in north Toronto th

A: As per standard accounting practices when we purchase an asset , all…

Q: On January 1, Mitzu Co. pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2, and…

A: Journal entries ae used to record a business transactions for the first time in the accounting…

Q: On January 1, 2020, Williamsburg Inc. acquired a piece of land to construct a manufacturing plant.…

A: Solution : Requirement (A). Total cost of land and office building TOTAL COST OF LAND Total cost…

Q: Want Answer With Correct Solution

A: The gain on the sale is the difference between the selling price and the book value.  The selling…

Q: Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after…

A: Gain or loss on the sale of the assets held by an individual or a business entity is the net amount…

Q: Ngu own equipment that cost 96,500 with accumulated depreciation of 66,000. Ngu asks 35,750 for the…

A: Whenever any fixed asset is sold out, then carrying value of the asset is compared with actual sale…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.