KIGI s mheducatic Maps Traducir Sp eSantaFe Iriciar s Sistema TA TB MC Qu. 7-56 A company Incurred the following costs associated with the... A company incurred the following costs associated with the purchase of a piece of land that it will use to r Purchase price of the land Sale of salvaged parts already on 1and Demolition of the old building Ground-breaking ceremony (food and supplies) Land preparation and leveling $590,000 $ 20,000 $ 33,000 %24 1,800 $4 8,100 What amount should be recorded for the purchase of the land? Multiple Choice $631100

KIGI s mheducatic Maps Traducir Sp eSantaFe Iriciar s Sistema TA TB MC Qu. 7-56 A company Incurred the following costs associated with the... A company incurred the following costs associated with the purchase of a piece of land that it will use to r Purchase price of the land Sale of salvaged parts already on 1and Demolition of the old building Ground-breaking ceremony (food and supplies) Land preparation and leveling $590,000 $ 20,000 $ 33,000 %24 1,800 $4 8,100 What amount should be recorded for the purchase of the land? Multiple Choice $631100

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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%24 Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $30,000 in cash and giving a short-term note for $276,000. Legal fees paid were $2,435, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $18,200. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $930,200 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet. ( Previous Next Check My Work Save and Exit Submit Assignment for Grae
Exercise 7-3A Allocate costs in a basket purchase (LO7-1) Red Rock Bakery purchases land, building, and equipment for a single purchase price of $500,000. However, the estimated fair values of the land, building, and equipment are $210,000, $330,000, and $60,000, respectively, for a total estimated fair value of $600,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment. X Answer is complete but not entirely correct. Estimated Fair Allocation Amount of Basket Recorded Value Percentage Purchase Amount Land $ 210,000 25 X % $ 500,000 $ 125,000 Building 330,000 65 X % 500,000 325,000 X Equipment 60,000 15 % 500,000 75,000 Total $ 600,000 $ 525,000
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
How do I figure out the depreciation amount for the sum of the years digit method
Problem 10-1A (Algo) Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $526,500; land, $263,250; land improvements, $39,000; and four vehicles, $146,250. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Land improvements Vehicles Total Estimated Market Value $…
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MINT CALKOISES (nollabberged eonels-gninilbod-siduo) suis dood grigio 9- Classifying Long-Lived Assets and Related Cost Allocation Concepts For each of the following long-lived assets, indicate its nature and related cost allocation concept. lo bro sdi in sulay Use the abbreviations shown on the right: od or brod.E Asset 1. Property 2. Delivery vans 3. Warehouse 4. Trademark 5. New engine 6. Franchise 7. Software license 8. Computers 9. Production plant worl Nature Cost Allocation. los301 na 000 B Building stil luisen baian E25 s Equipment svil 29C1 of [ 1sdot50 mcht amor Intangible Land usuborg 16-2 Tot $43.500) and is depre List noitsibergs Nature Tu bommes no pend) oule NO A prilbrans Cost Allocation 1911 530 Depreciation 22.2.28 No cost allocation soy incrupinal no A Amortization myrups are 09-8 LO 9-1