Parker Enterprises bought a commercial property with a cash payment of 75,000 and a purchase money mortgage of $120,000. In addition, Parker paid $350 for a title insurance policy and $450 for a property survey. Parker's basis in this property is __. a. $140,000 b. $140,200 c. $195,800 d. $190,200 provide answer

Parker Enterprises bought a commercial property with a cash payment of 75,000 and a purchase money mortgage of $120,000. In addition, Parker paid $350 for a title insurance policy and $450 for a property survey. Parker's basis in this property is __. a. $140,000 b. $140,200 c. $195,800 d. $190,200 provide answer

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter11: Investor Losses

Section: Chapter Questions

Problem 64P

See similar textbooks

Similar questions

Subject - account Please help me. Thankyou.
1. What is the capitalized cost of each of Belvidere's land, land improvements, and building? SS attached thanks
Do not give solution in image
What is the total cost of the land on these financial accounting question?
Question: Alton Clothing purchased land, paying $88,000 cash plus a $250,000 note payable. In addition, Alton paid delinquent property tax of $1,900, title insurance costing $500, and $4,200 to level the land and remove an unwanted building. Record the journal entry for the purchase of the land.
Job purchased land as an investment on January 12, 2018, for $80,000. On January 31, 2021, Job sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $62,000 on the land. What is the amount realized (not gain realized) on the sale of the land? a.$10,000 b.$23,000 c.$95,000 d.$103,000 e.None of these choices are correct.
Brenda Baines sells land to Carla Chandler for $15,000 cash and a piece of equipment with an adjusted basis of 43. $15,000 and a fair market value of $20,000. The land was subject to a $25,000 mortgage which Carla assumed. Brenda incurred $2,500 in selling expenses. What is the amount realized by Brenda? a. $55,000 b. $60,000 c. $52,500 d. $57,500
A. ACQUISITION COSTS Mr. Ardi acquired land at a cost of Rp4.200.000.000 on April 1, 2019. In addition to this cost, he had to pay the following expenses: a. Commission fee, 2% from the land price, Rp84,000,000 b. Land acquisition tax Rp12,000,000 c. Removal cost of old (unused) building Rp20.500.000. Mr. Ardi received Rp17.000.000 from the sales of salvage materials. d. Rpl10.000.000 to build a fence e. Rp215.000.000 to build a parking lot Instructions: Prepare the journal entries for the above transaction! (4%)
The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash $ 25500 Accounts Payable $ 60500 Prepaid Insurance 29700 Salaries and Wages Payable 15100 Accounts Receivable 50600 Mortgage Payable 84500 Inventory 68600 Total Liabilities 160100 Land Held for Investment 83500 Land 120600 Buildings $98100 Less Accumulated Depreciation Owner's Capital 366400 (19600) 78500 Trademark 69500 Total Liabilities and Owner’s Equity Total Assets $526500 $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.
Blossom Company purchases land for $180000 cash. Blossom assumes $5900 in property taxes due on the land. The title and attorney fees totaled $1900. Blossom has the land graded for $4200. They paid $25000 for paving of a parking lot. What amount does Blossomrecord as the cost for the land?
Expert need your advice
Brackett Corporation had the following transactions in its land account: January 1, 2017 - Purchased $10,000 of land A July 1, 2018 - Purchased $6,000 of land B • October 1, 2020 - Sold one-half of land A for $8,000 December 1, 2020 - Sold all of land B for $4,500 What balance does Brackett have in its land account at December 31, 2020? $3,500 O $5,000 O $6,500 $5,500 None of the above