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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3
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
None
Smatter Corporation purchased land for a new building. Which of the following costs would not be included in the cost of the land? a. Purchase price of the land b. Cost of demolishing an old garage located on the land c. Cost of a new parking lot constructed on the lane d. Brokerage commission paid to the real estate agent who handled the land transaction
A1
None
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
18. The property, plant and equipment account of Toy Shop Manila was revisited by its property officers. They discovered that due to obsolescence, machineries with a total historical cost of P2,100,000 and accumulated depreciation of P1,750,000, will no longer provide economic benefits to the company wither from its disposal or use.Which of the following will be included in the journal entries to record the derecognition of these machineries? A. credit Accumulated Depreciation, P1,750,000 B. credit Loss from Derecognition, P350,000 C. credit Machineries, P350,000 D. credit Machineries, P2,100,000

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