On January 1, Mitzu Co. pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $720,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $390,000 and is expected to last another 13 years with no salvage value. The land is valued at $1,890,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cont of additional land grading Cost to construct Building 3, having a useful 1ite of 25 yearn and a $402,000 salvage value Cont of new Land Improvements 2 having a 20-year useful 1ife and no nalvage value $ 344,400 189, 400 2,202,000 173,000 Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Percent of Total Total cost of auuisition Appraised Allocation of Purchase Price Apportioned Cost Malua

On January 1, Mitzu Co. pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $720,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $390,000 and is expected to last another 13 years with no salvage value. The land is valued at $1,890,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cont of additional land grading Cost to construct Building 3, having a useful 1ite of 25 yearn and a $402,000 salvage value Cont of new Land Improvements 2 having a 20-year useful 1ife and no nalvage value $ 344,400 189, 400 2,202,000 173,000 Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Percent of Total Total cost of auuisition Appraised Allocation of Purchase Price Apportioned Cost Malua

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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