Exercise 8-6A (Algo) Allocating costs for a basket purchase LO 8-1 Pitney Company purchased an office building, land, and furniture for $780,000 cash. The appraised value of the assets was as follows $ 131,040 253,344 489,216 $ 873,600 Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Land Building Furniture Total Allocated Cost $ 0 < Required A Required B >

Exercise 8-6A (Algo) Allocating costs for a basket purchase LO 8-1 Pitney Company purchased an office building, land, and furniture for $780,000 cash. The appraised value of the assets was as follows $ 131,040 253,344 489,216 $ 873,600 Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Land Building Furniture Total Allocated Cost $ 0 < Required A Required B >

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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Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvements
A1 Wholesale Jewelry Company acquires land for $240,000 cash. Additional costs are as follows: Removal of shed $2,000 Filling and grading 6,000 Proceeds from sale of salvage 1,280 materials Broker commission 4,520 Paving of parking lot 40,000 Closing costs 3,400 A1 will record the acquisition cost of the land at A) $255,920. B) $240,000. C) $254,640. D) $257,200.
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