Question: 12 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. The land is appraised at $235,000; land improvements are appraised at $70,500; and a building is appraised at $164,500. Required: Allocate the total cost among the three assets.
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Financial Accounting Question 12
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- 2 Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land is appraised at $193,500, land improvements are appraised at $86,000, and the building is appraised at $150,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value Percent of Total Appraised Value Total Cost of Acquisition Apportioned Cost 0% Required 1 S 0.00 Required 2 >Investment PropertyDEF Company owns land and building being used for its operations and administrative functions. The land and building are carried in its books using the cost model and have the following data at January 1,2023.Land:Cost - P10,000,000Fair value - 14,000,000Building:Cost -P20,000,000Accumulated depreciation -13,500,000Fair value - 9,000,000On this date, the company vacated the old building and occupied a newly constructed one located in the commercial area of the Central Business District. The old building is then reclassified as investment property using the fair value model. The company uses the fair value model in all of its other investment property.What is the amount of fair value gain reported in profit/loss resulting from the reclassification from owner occupied to investments property due to change in use of the property? a. P0 b. P2,500,000 c. P4,000,000 d. P6,500,000Costs to Be Included in Historical Cost Valuation. At a cost of 200,000, Assume In-N-Out Burger acquired a tract of land for a restaurant site. It paid attorneys 7,500 to conduct a title search and to prepare the required legal documents for the purchase. State real estate transfer taxes totaled 2,500. Building permits totaled 1,200. Compute the acquisition cost of the land.
- 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…provide the answerInvestment Property Determine the cost of the following items of investment acquired by Sasha Corporation during 2022; Land site for capital appreciation was acquired for P8,600,000. The company paid P430,000 commission to a real estate agent. Costs of P 135,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P 65,000. The cost of investment property is _____________ Land and building were acquired to be held for under operating leases. The company made a de payment of P4,000,000, issued 20,000 P200 par ordinary shares with a market price of P240 per share, and issued a three-year non-interest-bearing note for P6,000.000 note is payable in equal annual installments of P2,000,000 at the end of each year from the date of purchase. The prevailing interest rate for similar notes is 10%. 30% of the purchase price is allocated to the land. Investment property is recorded at __________
- Current Attempt in Progress These expenditures were incurred by Cullumber Company in purchasing land: cash price $60,010, assumed accrued taxes $5,490, attorney's fees $2,260, real estate broker's commission $3,960, and clearing and grading $4,220. What is the cost of the land? The cost of the land $ABC Company reported three items in its Investment Property category, with the following details:Property AInitial Cost - P5,400,000Fair Value, 12/31/22 - P8,000,000Fair Value, 12/31/21 - P6,400,000Property BInitial Cost - 6,900,000Fair Value, 12/31/22 - 4,200,000Fair Value, 12/31/21 - 6,000,000Property CInitial Cost - 6,600,000Fair Value, 12/31/22 - 7,800,000Fair Value, 12/31/21 - 7,200,000All of them were acquired in 2021 with a useful life of 10 years. The company's policy is to use the fair value model for all its investment property.What is the net amount reported in profit or loss for the year ended December 31, 2022 relating to ABC Company’s investment property? a. P 400,000 b. P 400,000 c. P1,100,000 d. P1,890,000Using the Cost Approach to property appraisal, determine the final appraised value of a building and the land the bulding is on based upon the following: - Land Value-$6 million; > Building Cost (psf) - $250; > Total area (psf)-$100,000: > Developer's profit - S800,000; > Economic obsolescence - S1.5 million; > Functional obsolescence - $3 million; > Locational obsolescence - $2 million; > Curable depreciation - Si million; > Effective age -20 years: > Economic Age- 50 years. Oa $10.340,000 Ob.S14,380,000 OC S13,980.000 Od. 510,380,000 Oe. $8,380,000
- Use attachment to answer the following If Brierton used percentage-of-completion method to account for this project, what would they have reported as profit in year 2? a) $1.33 million b) $0 c) $1.50 million d) $0.67 millionA $48,000 asset was purchased and classified as a Class 10 asset for CCA purposes. If the CCA rate is 30%, calculate UCC for the end of year 3. Select one: a. $15,800 b. $18,300 c. $19,992 d. $17,400 e. $16,660 ???Isabela Company commercial operations at the beginning of the current year. The following costs are incurred by the entity during the current year: Option fee for land acquired Option fee for land not acquired Taxes in arrears on building on land Payment for land Demotion of old building on land, net of salvage of P10, 000 10, 000 10, 000 50, 000 1, 000, 000 100, 000 Architect fee 230, 000 Payment to city hall for approval of building construction Contract price for factory building Safety fence around construction site Safety inspection on building Removal of safety fence after completion of factory building New fence surrounding the factory 120, 000 5, 000, 000 35, 000 30, 000 20, 000 80, 000 Driveways, parking bays and safety lighting a. How much is the cost of Land? b. How much is the cost of factory building? 550, 000