Oriole Enterprises incurred several costs related to the acquisition of plant assets.Purchase price of land and dilapidated buildingReal estate broker's commissionDemolition costs of dilapidated buildingArchitect's fees and building permitsPayments to contract for building constructionPurchase of new furniture and equipmentActual interest costs during building constructionActual interest cost after completion of building constructionCosts of walks, driveways, and parking lot$228800O $243760$248160$311520O $2631201496019360211207656006512011880010560048400At what amount should the land be recorded in Oriole's accounting records?

Land be recorded in Oriole's accounting records=purchase price of land & dilapidated…

Answered: Oriole Enterprises incurred several…

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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What is the cost of the land, based upon the following data? Land purchase price $179,980 Broker's commission 15,546 Payment for the demolition and removal of existing building 3,928 Cash received from the sale of materials salvaged from the demolished building 2,519 $fill in the blank 1
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From page 7-2 of the VLN, intangible assets are long term assets and would NOT include: Group of answer choices A. Goodwill B. Natural gas C. Patents D. Copyrights
Question 1
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A1
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Determining asset cost and recording partial-year depreciation Safe Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: Safe Parking depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. All construction was complete and the assets were placed in service on September 1. Record partial-year depreciation expense for the year ended December 31. Round to the nearest dollar.
Danube, Toggle, and ConnectOn rely on various intangible assets to operate their businesses. These companies amortize the cost of these assets using the straight-line method over the following average estimated useful lives (in years), as reported in their annual reports. Type of Intangible Asset Developed Technology Danube 5.4 Trade Names 5.9 Toggle 5.6 10.1 ConnectOn 3.5 11.5 Customer Relationships 5.1 5.5 7.5 Required: 1. Based on these estimates, identify the company that uses the longest periods for amortizing most of its classes of intangible assets. Toggle Danube ConnectOn 2. Will these estimates increase or decrease that company's net income relative to its competitors? Increase Decrease
Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Allocate total cost to these two assets. Percent of Total Apportioned Cost Land Building Totals
Several expenditures are listed below. Indicate whether or not each expenditure would be included in the cost of acquisition for each item below. The answer box provides two options, Yes (if the expenditure would be included ) or No, (if the expenditure would not be included.) Cost testing materials and labor in testing a purchased machine Yes before use Compensation for injury to No construction worker Cost of overhaul to a used Yes machine purchased before initial use Cost of tearing down a building Yes on newly acquired land Repairs to a new machine Yes damaged while moving it into > > > > >

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