Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,995,000. Harding paid $560,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $592,000; Building, $1,760,000 and Equipment, $1,168,000. What value will be reported for the land on the balance sheet? Note: Round intermediate percentage values to a whole percentage. Multiple Choice ооо $598,400 $339,150 $1,760,000 $1,161,600

Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,995,000. Harding paid $560,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $592,000; Building, $1,760,000 and Equipment, $1,168,000. What value will be reported for the land on the balance sheet? Note: Round intermediate percentage values to a whole percentage. Multiple Choice ооо $598,400 $339,150 $1,760,000 $1,161,600

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 13E

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What amount should be recorded for the land ?
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Required information Skip to question [The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,470,000. Harding paid $735,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $777,000; Building, $2,310,000 and Equipment, $1,533,000. (Round percentages to two decimal places: ie .054 = 5%). What journal entry would be used to record the purchase of the above assets? Multiple Choice Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 4,620,000 Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 735,000 Notes payable 3,885,000 Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 1,735,000 Notes payable 735,000 Gain on purchase of long-term assets 2,150,000 Land 419,900…
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Please see an attachment for details general accounting question
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