On April 1, Bramble Corp. purchased for $1629000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $560000 $510000 Warehouse 400000 370000 Office building 840000 672000 $1800000 $1552000 What are the appropriate amounts that Bramble should record for the land, warehouse, and office building, respectively? Land, $506800; warehouse, $362000; office building, $760200. Land, $510000; warehouse, $370000; office building, $672000. Land, $560000; warehouse, $400000; office building, $840000. Land, $516375; warehouse, $374625; office building, $680400.
On April 1, Bramble Corp. purchased for $1629000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $560000 $510000 Warehouse 400000 370000 Office building 840000 672000 $1800000 $1552000 What are the appropriate amounts that Bramble should record for the land, warehouse, and office building, respectively? Land, $506800; warehouse, $362000; office building, $760200. Land, $510000; warehouse, $370000; office building, $672000. Land, $560000; warehouse, $400000; office building, $840000. Land, $516375; warehouse, $374625; office building, $680400.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
On April 1, Bramble Corp. purchased for $1629000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property:
| Current Assessed Valuation | Vendor's Original Cost | |||||||
| Land | $560000 | $510000 | ||||||
| Warehouse | 400000 | 370000 | ||||||
| Office building | 840000 | 672000 | ||||||
| $1800000 | $1552000 |
What are the appropriate amounts that Bramble should record for the land, warehouse, and office building, respectively?
|
|
Land, $506800; warehouse, $362000; office building, $760200. |
|
|
Land, $510000; warehouse, $370000; office building, $672000. |
|
|
Land, $560000; warehouse, $400000; office building, $840000. |
|
|
Land, $516375; warehouse, $374625; office building, $680400. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education