PROBLEMSProblem 15-1 (AICPA Adapted)Trisha Company made the following soquinitions durinr theyear:* Purchased for P6,400,000, ineluding appraiser fee ofP60,000, warehoune building and the land on which it ilocated.The land had an appraised value of P2,000,000 and originalcost of PL,400.000. The building had an apprnined valueof Pa,000,000 and original coet of P2,800,000.* Purchased an office building and the Iand on which it islocated for P7,600,000 cash and assumed an existingP2.b00,000 mortgage.Por realty tax purposes, the property is assesed atP9.600,000, 60% of which in allocated to the building.Acquired a tract of land in exchange for 25,000 shares ofTrisha Company with P100 par value and a market prioeof PI20 per ahare on the date of sequisition. The lastproperty tax bill indicated.ansessed value of P2,400,000for the land.L. What in the total coet of land?a. 9,160,000b. 8,500.000e. 9,000,000d. 8,660,0002 What is the total cost of building?a. 8,760,000b 9,240,000e 9,000,000d. 7,700,000324

Land is a non-current tangible fixed asset which represents the real estate owned by the firm. It is…

Problem 15-1 (AICPA Adapted) Trisha Company made the following quiaitions during year * Parchased for PS,400,000, ineluding appraiser fe Po0,000, warehone building and the land cn which located. The land had an appraised value of P2,000.000 and ori cot of PL,400.000 The building had an appraised v of Pa,000,000 and original coet of P2,800,000. * Purehaed an office building and the land on which located for P7,500,000 cash and assumed an exis P2.00,000 mortgage For realty tax purposes, the property ia asseese P.000,000, 60% of which is allocated to the building * Aequired a tract of land in exchange for 25,000 shan Trisha Company with PI00 par value and a marke p of PI20 per share on the date of acquisition. The property tax bill indicated.ansessed valae of P2,40 for the land. L What is the total coet of land? A 100,000 b 8500.000 e. 9,000,000 d. 8660,000 2 What is the total cost of building? a 870,000 9240000

Problem 15-1 (AICPA Adapted) Trisha Company made the following quiaitions during year * Parchased for PS,400,000, ineluding appraiser fe Po0,000, warehone building and the land cn which located. The land had an appraised value of P2,000.000 and ori cot of PL,400.000 The building had an appraised v of Pa,000,000 and original coet of P2,800,000. * Purehaed an office building and the land on which located for P7,500,000 cash and assumed an exis P2.00,000 mortgage For realty tax purposes, the property ia asseese P.000,000, 60% of which is allocated to the building * Aequired a tract of land in exchange for 25,000 shan Trisha Company with PI00 par value and a marke p of PI20 per share on the date of acquisition. The property tax bill indicated.ansessed valae of P2,40 for the land. L What is the total coet of land? A 100,000 b 8500.000 e. 9,000,000 d. 8660,000 2 What is the total cost of building? a 870,000 9240000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four…

A: Event General Journal Debit Credit 1 Equipment( $ 34,000 x 98%) $ 33,320…

Q: Worthington, Incorporated, paid $90,000 to acquire land, land improvements, and a building. The…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Hosting Company

A: Step 1: Introduction to Assets:Assets are classified as both financial and non-financial resources…

Q: Target purchased equipment. The following data relates to the purchase: Purchase cost Purchase cost…

A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…

Q: Given the following information, calculte the average percentage depreciation per year in this…

A: MEANING OF DEPRECIATION : Depreciation is reduction in the value of fixed asset over it's useful…

Q: What is the book value of the building

A: Compute the depreciation.

Q: Current Attempt in Progress These expenditures were incurred by Cullumber Company in purchasing…

A: As per IFRS 16 Property Plant and Equipment, the cost of Property plant and equipment includes cost…

Q: Lewis Ltd has a block of land with a carrying amount of $200,000, previously revalued upwards from…

A: Whenever the organization first revalue the asset which is upward revaluation then corresponding…

Q: Calculate the annual depreciation rate: RCN - $500,000, Sale price - $455,000, Effective age - 8…

A: Step 1:Depreciated Value of the Property: The first step is to calculate the depreciated value of…

Q: Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was 330000…

A: As per dual concept of accounting, every transaction has dual impact on the books of…

Q: On April 1, Marigold Corp. purchased for $1458000 a tract of land on which a warehouse and office…

A: VALUATION OF ASSETS Asset valuation is the process of determining the current value of Organisations…

Q: es Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash…

A: Depreciation is the decrement in the value of tangible assets by the wear and tear during the…

Q: Marigold Corp. acquires land for $100000 cash. Additional costs are as follows: Removal of shed…

A: Given Information: Acquiring price of land: $100000 Removal of shed: $430 Filling and grading: $3300…

Q: Hastings Company has purchased a group of assets for $350,000. The assets and their market values…

A: 1. Identify the total purchase price and market values of the assets.- Purchase Price: $350,000-…

Q: The net book value of furniture and fixtures at October 1, 20X1, was $20,976, Depreciation is…

A: >Accounting principle states that the cost of the long term assets (like equipment) is to be…

Q: At what amounts should each of the three assets be

A: Cost of the assets is calculated on the basis of the fair value of the assets.The fair value of each…

Question

100%

PROBLEMS
Problem 15-1 (AICPA Adapted)
Trisha Company made the following soquinitions durinr the
year:
* Purchased for P6,400,000, ineluding appraiser fee of
P60,000, warehoune building and the land on which it i
located.
The land had an appraised value of P2,000,000 and original
cost of PL,400.000. The building had an apprnined value
of Pa,000,000 and original coet of P2,800,000.
* Purchased an office building and the Iand on which it is
located for P7,600,000 cash and assumed an existing
P2.b00,000 mortgage.
Por realty tax purposes, the property is assesed at
P9.600,000, 60% of which in allocated to the building.
Acquired a tract of land in exchange for 25,000 shares of
Trisha Company with P100 par value and a market prioe
of PI20 per ahare on the date of sequisition. The last
property tax bill indicated.ansessed value of P2,400,000
for the land.
L. What in the total coet of land?
a. 9,160,000
b. 8,500.000
e. 9,000,000
d. 8,660,000
2 What is the total cost of building?
a. 8,760,000
b 9,240,000
e 9,000,000
d. 7,700,000
324

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2 Part 1

VIEW

Step 3 Part 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A4
A company purchased facrory equipment on August 1,2on, for R0 Boo.000 It is estimated that the EQUIDH will have a RO 50.000 residual value at the end of its 10-year useful life Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31. 2on, is Select one a RO43.750 O BRO37.500 CRO75,000 d RO31.250
Platteville Corporation has the following account balances at 12/31/20: Amortization expense P 10,000 Trademark 80,000 Research and Development costs 100,000 Patent, net of P30,000 amortization 70,000 What amount should Platteville report for intangible assets on the 12/31/20 statement of financial position? 100,000 150,000 250,000 260,000
Land, a building and equipment are acquired for a lump sum of $900,000. The market values of the land, building an equipment are $500,000, $600,000 and $200,000, respectively. What is the cost assigneed to the equipment? (Do not round to any intermediary calculations and round your final answer to the nearest dollar). A. $0 B. $900,000 C. $200,000 D. $138,462 thnaka sfor help appareicated
TB MC Qu. 7-116 (Algo) A building was purchased for... A building was purchased for $66,500. The asset has an expected service life of eight years and depreciation expense each year is $6,000 using the straight-line method. What is the residual value of the building? Multiple Choice O $18,500 $8,312 $0 $13,312
Manji