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
Purchase price Nonrefundable value added tax Training of personnel on the use of new trademark Research expenditures associated with the purchase of the new trademark Legal cost incurred to register the new trademark Administrative salaries 1,000,000 50,000 70,000 240,000 105,000 120,000 What amouont should be reported as initial cost of the trademark? 1,000,000 b. 1,155,000 c. 1,465,000 a.
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