Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?
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- The General Service Contractor Company paid$400,000 for a house and lot. The value of the landwas appraised at $155,000 and the value of the houseat $245,000. The house was then torn down at anadditional cost of $15,000 so that a warehouse couldbe built on the combined lots at a cost of $1,250,000.What is the value of the property with the warehouse?For depreciation purposes, what is the cost basis forthe warehouse?Tonto Company purchased all property for $280,000. The property included a building, equipment, and land. The building was appraised at $175,000, the land at $126,000, and the equipment at $49,000. Prepare the journal entry to record the property basket purchase.Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the land. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general Journal
- These expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900A company purchased land for $92,000 cash. The real estate brokers' commission was $7,500 and $8,000 was spent for demolishing an old building on the land before construction of a new building could start. Proceeds from the salvage of the demolished building were $1,500. Under the cost principle, what would the cost of the land be recorded as?Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)
- What amount should be reported as the cost of the land?Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker’s commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,235,000. Harding paid $280,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $296,000; Building, $880,000 and Equipment, $584,000. What value will be reported for the building on the balance sheet? Multiple Choice O $355.000 $880,000 $617,500 $140,000
- A company purchased land for $91300 cash. Real estate brokers' commission was $6000 and $7000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at?Zinski Co. paid $150,000 for a purchase that included land, building, and office furniture. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Land, $20,000, Building, $150,000, and Office furniture, $30,000. Based on this information the cost that would be allocated to the land is_____.Nathan Jacob’s Company paid $450,000 to acquire land, building, and equipment. At the time of the acquisition, Nathan Jacob's $15,000 to have the property appraised. The following values were determined from the appraisal: land, $125,000; building, $235,000; and equipment, $150,000. Required: 1. What cost should Nathan Jacob’s assign to the land, buildings, and equipment, respectively? 2. Provide the journal entry to record the acquisition on the books of Nathan Jacob’s.