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

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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…
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