QUESTION 4 Jones Company purchases a piece of land for $300.000, Jones Company paid $3,000 in brokerage commissions, $10.000 to lear and remove an unwanted building, $5,000 for building ermits to construct a new building, $500,000 to construct a new building, and $5,000 in delinquent property taxes What is the amount to be capitalized (debited) to the Land ccount from this purchase? ANSWER 8300,000 SUL000 SH21000 $30,000 IDON'T KNOW YET

QUESTION 4 Jones Company purchases a piece of land for $300.000, Jones Company paid $3,000 in brokerage commissions, $10.000 to lear and remove an unwanted building, $5,000 for building ermits to construct a new building, $500,000 to construct a new building, and $5,000 in delinquent property taxes What is the amount to be capitalized (debited) to the Land ccount from this purchase? ANSWER 8300,000 SUL000 SH21000 $30,000 IDON'T KNOW YET

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
Subject: acounting
Question is attached in SS below tahnks for hepl phl 3 p3 p5 3lh5h5 h5lh
Sh4 Please help me. Solution Thankyou
A-2
Question 1 For a multifamily acquisition, the seller credit for property tax is $54,356.20. The property tax bill for 2023 is $124,000. What date is the closing set for in 2023? O 6/8/2023 O 6/7/2023 O 6/10/2023 O 6/9/2023 O6/11/2023
2 d ut of Salmyia bought land, buildings and equipment for a combined cash payment of $800,000. The estimated fair value of the assets are: land: $200,000; buildings, $500,000 and equipment $300,000. The amount capitalized for Equipment is: Select one: O a. $300,000 O b. None of the these answers O c. $200,000 O d. $160,000 O e. $240,000
Manji
QUESTION 1 Scott Industries had the following transactions during 2022: 1. Acquired an office building on three acres of land for a lump-sum price of $2,000,000. According to independent appraisals, the fair values were $1,325,000 and $790,000 for the building and land, respectively. A cash down payment of $500,000 20-Jan was made with the remainder financed. 2. Purchased equipment paying $19,000 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in five annual installments of $19,000 on the anniversary date of the contract. Based on Cool Globe's 8% borrowing rate for such transactions, the implicit interest cost is $19,139. 3-Feb 3. Received a gift of land and building in Twin Pines Park as an inducement to 15-Mar relocate. The land and buildings have fair values of $39,000 and $395,000. Required: Pepare the journal entries for the transactions above. Round journal entry amounts to the nearest whole dollar. Date Accounts Debit Credit…
Towns a machine that was purchased three years ago that cost $180,000 and accumulated depreciation of $43,000 1. What is T's basis on the machine? Under the following scenarios, calculate the 1231 Gain or loss; the amount, if any, of depreciation recapture (indicate whether it is 1245 or 1250 recapture); indicate the portion of the gain or loss that is taxed at ordinary rates and the portion that is LTCG; if there is a loss how much of the loss carries over? (Assume date of sale is today.) 2. Sold the machine for $155,000 3. Sold the machine for $130,000 4. Sold the machine for $200,000
Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee $300 Insurance of one year $1,500 Broker commission $1,130 Accrued Property taxes $560 Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990