he following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,200 D. Cost of real estate acquired as a plant site: Land 335,600 Building (to be demolished) 31,900 C. Delinquent real estate taxes on property, assumed by purchaser 18,900 d. Cost of tearing down and removing building acquired in (b) 5,300 e. Proceeds from sale of salvage materials from old building 3,100+ r. Special assessment paid to city for extension of water imain to the property 12,600 9. Architect's and engineer's fees for plans and supervision 46,100 h. Premium on one-year insurance policy during construction 4,400 i. Cost of filling and grading land 18,500 Money borrowed to pay building contractor 787,000 Cost of repairing windstorm damage during constniction

he following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,200 D. Cost of real estate acquired as a plant site: Land 335,600 Building (to be demolished) 31,900 C. Delinquent real estate taxes on property, assumed by purchaser 18,900 d. Cost of tearing down and removing building acquired in (b) 5,300 e. Proceeds from sale of salvage materials from old building 3,100+ r. Special assessment paid to city for extension of water imain to the property 12,600 9. Architect's and engineer's fees for plans and supervision 46,100 h. Premium on one-year insurance policy during construction 4,400 i. Cost of filling and grading land 18,500 Money borrowed to pay building contractor 787,000 Cost of repairing windstorm damage during constniction

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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Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00
eBook Show Me How Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $282,000, Legal fees paid were $2,290, delinquent taxes assumed were $14,200, and fees paid to remove an old building from the land were $21,000. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $981,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. X Feedback Check My Work Costs incurred to ready the asset for use are added to the asset account. Materials salvaged and sold during the process reduce the cost of the land.
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Based on the following data, determine the cost of the land to be reported on the balance sheet. Land purchase price $177,668 Broker's commission 17,098 Payment for demolition and removal of existing building 5,376 Cash received from sale of materials salvaged from demolished building 1,031
Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $276,000. Legal fees paid were $1,330, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $17,000. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $963,700 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
-determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building -would the company recognize a gain on the purchase? -record the purchase in a horizontal statements model -record the purchase in general journal format
Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $2,000 b. Cost of real estate acquired as a plant site: Land 280,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,000 d. Cost of razing and removing building acquired in (b) 5,000 e. Proceeds from sale of salvage materials from old building 3,000 * f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 7,000 i. Cost of filling and grading land 13,000 j. Money borrowed to pay building…
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(294,000 ) (b) Payment for construction from note proceeds 294,000 (c) Cost of land fill and clearing 10,230 (d) Delinquent real estate taxes on property assumed by purchaser 7,990 (e) Premium on 6-month insurance policy during construction 11,280 (f) Refund of 1-month insurance premium because construction completed early (1,880 ) (g) Architect’s fee on building 26,210 (h) Cost of real estate purchased as a plant site (land $201,800 and building $54,800) 256,600 (i) Commission fee paid to real estate agency 8,660 (j) Installation of fences around property 3,810 (k) Cost of razing and removing building 11,840 (l) Proceeds from salvage of…
Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
How do I create a new fixed asset account with an account type: Fixed Asset, detail type: Machinery & Equipment, name: Equipment and track deprecciation of this asset in QuickBooks? When I go to the Chart of Accounts to create a new account, I get the attached photo. There's no where to check the "track depreciation" check box.