Help Question:A company purchased a property for $100,000. Theproperty included a building, a parking lot and land.The building was appraised at $66,500; the land at$49,500 and the parking lot at $18,900. The value ofthe land that will be included in the accounting recordis? Round your answer to nearest $.

Explanation of Appraised Value: Appraised value represents the estimated fair market value of a…

Answered: Question: A company purchased a…

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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Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 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. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >
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A building with an appraisal value of $132,331 is made available at an offer price of $151,729. The purchaser acquires the property for $35,281 in cash, a 90-day note payable for $28,200, and a mortgage amounting to $57,872. The cost basis recorded in the buyer's accounting records to recognize this purchase is a. $116,448 b. $151,729 c. $121,353 Od. $132,331 All work saved. Used Car I Ford Search Your Local Blue Advantage
Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $61,500; and the building is appraised at $164,000. 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. Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition Apportioned Cost Land $ 184,500 x 389,610 Land improvements 61,500 x 389,610 Building 164,000 x 389,610 Totals $ 410,000 0% $ 0.00
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A building with an appraisal value of $125,332 is made available at an offer price of $156,559. The purchaser acquires the property for $31,021 in cash, a 90-day note payable for $27,704, and a mortgage amounting to $55,713. The cost basis recorded in the buyer's accounting records to recognize this purchase is a.$114,438 b.$125,538 c.$156,559 d.$125,332
Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00
A building with an appraisal value of $125,601 is made available at an offer price of $153,140. The purchaser acquires the property for $31,231 in cash, a 90-day note payable for $23,994, and a mortgage amounting to $57,725. The cost of the building to be reported on the balance sheet is a.$121,909 b.$125,601 c.$112,950 d.$153,140
A building with an appraisal value of $132,577 is made available at an offer price of $159,843. The purchaser acquires the property for $35,884 in cash, a 90-day note payable for $24,556, and a mortgage amounting to $56,520, The cost of the building to be reported on the balance sheet is Oa. $123,959 Ob. S132577 Oc. S116960 Od, S159.843
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 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 Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2

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