Question 2 Which of the following is FALSE? 3 pts O The cost of a parking lot would be added to the cost of the Land account. The cost of a building permit would be added to the cost of a building be constructed. O The cost of installing a machine would be added to the acquisition cost of the machine The cost of tearing down an old building located on land that was purchased, should be added to the cost of the land.
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- A Moving to another question will save this response. Question 3 Which the following is used to find MACRS depreciation? O Depreciable base of the asset O Each of the choices is correct O The life of the asset as determined by tax code O A percentage of the depreciable base as determined by tax code AMoving to another question will save this response. MacBoc esc F1 F2 D00 F4 F5 @ 2$ 4 Q W E tab A S F G caps lock hift C V alt %#3Required: 1. At what amount should Edwards record the cost of the land and the new building, respectively? If an input box should be blank, enter a zero. Land Building Purchase price of land Demolition of old building Architect's fees Legal fees Construction costs Salvaged materials Total 2. Next Level If management misclassified a portion of the building's cost as part of the cost of the land, what would be the effect on the financial statements?8. If a FVTPL financial asset is bought, the investment account is Multiple-Choice O A. Debited for the cost of the financial asset NOT including any extra expenditures required in making t he purchase O B. Debited for the cost of the financial asset including any extra expenditures required in making the pu rchase O C. Credited for the cost of the financial asset including any extra expenditures required in making the p urchase D. Credited for the cost of the financial asset NOT including any extra expenditures required in making the purchase
- Show the complete solution of the following: 1. What is the cost of the land?2. What is the cost of the land improvement?3. What is the cost of the building?If land is purchased as a building site, the cost of removing existing structures is not charged to the Land account.Select one:a. FALSEb. TRUEThe cost of installing a security fence on a vacant lot should be charged to which accbunt: O Building O Depreciation Expense O Land Improvements O Land O Accumulated Depreciation O Equipment ASUS f4 f5 f7 f8 f9 f10 f11 & 7. R T Y U 8 国 17 因 96 5 近 86
- For the required 2, I don't know how to answer, the building should $0, right? because there is demolition cost which means the building does not exist anymore? how about the land valuation what's the number should be?Ay 1. Mcq Borden Company incurred the following costs to acquire and prepare land for a new parking lot: purchase price for land, cost to clear the land, cost of paving, lighting for the parking lot, and landscaping for the parking lot. How should the company determine which costs should be recorded as Land Improvements and which cost should be recorded as Land? a. The costs with an unlimited life will increase Land, and the costs with a limited useful life will increase Land Improvements. b. The costs with a limited life will increase Land, and the costs with an unlimited useful life will increase Land Improvements. c. The costs to be depreciated will increase Land, and the costs that will not be depreciated will increase Land Improvements d. Costs that are depreciable will increase Land Improvements, while other costs are expensed immediately because of a lack of definite life.When determining the best time to replace an existing asset, for what reason would you need to use marginal analysis?a. To determine what the most appropriate tax rate for the project should beb. To estimate the cost of capital for the new assetc. To determine if the defender asset should be used beyond its ESL.d. To determine the length of time the challenger asset should be used once it is placed into service.
- 34. Which of the following is not one of the basic questions that must be answered before the amount of depreciation charge can be computed? A) What method of cost apportionment is best for this asset ? B) What product or service is the asset related to? C) What is the asset's useful life? D) What is the depreciation base to use for the asset?(Multiple Choice Question) The cost of land includes 1. The purchase price of the land, plus the legal costs and land improvements such as fencing 2. The purchase price, legal fees, and any other costs needed to get the land ready for its intended use 3. Just the purchase price of the land 4. The purchase price plus land improvements such as fencingLO1 The purpose of depreciation is to (a) spread the cost of an asset over its useful life. (b) show the current market value of an asset. (c) set up a reserve fund to purchase a new asset. (d) expense the asset in the year it was purchased.