Quick answer of this accounting questions Riverwalk Company acquired assets from Sunset Corp for $625,000cash. The estimated fair values of the assets are: land $150,000,building $400,000, and equipment $200,000. At what amountsshould each of the three assets be recorded?

Land: $150,000Building: $400,000Equipment: $200,000Total Fair Value: $150,000 + $400,000 + $200,000…

Answered: Riverwalk Company acquired assets from…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11EB: The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining...

See similar textbooks

Similar questions

Whispering Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $396,900. The estimated fair values of the assets are land $75,600, building $277,200, and equipment $100,800. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to O decimal places, e.g. 5,275.) Land Building Recorded Amount $ LA Equipment $ LA
Monty Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $459,900. The estimated fair values of the assets are land $87,600, building $321,200, and equipment $116,800. At what amounts should each of the three assets be recorded? (Round Intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to O decimal places, eg. 5,275.) Recorded Amount Land 24 Building 2$ Equipment %24
Buffalo Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $277,200. The estimated fair values of the assets are land $51,200, building $192,000, and equipment $76,800. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 1 decimal place e.g. 18.25124 and final answers to O decimal places, e.g. 5,275.) Land Building Equipment LA Recorded Amount
Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $466,200. The estimated fair values of the assets are land $88,800, building $325,600, and equipment $118,400. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.) Recorded Amount Land $enter a dollar amount rounded to 0 decimal places Building $enter a dollar amount rounded to 0 decimal places Equipment $enter a dollar amount rounded to 0 decimal places
SEASH, Inc. acquired an office building, land, and equipment in a single basket purchase. The fair values were $1,800,000, $900,000, and $300,000 for the building, land, and equipment, respectively. The company recorded the building for $1,620,000. What was the total purchase cost for all three assets?
Industrial Metals purchases land, building, and equipment together for $1.2 million. The estimated fair values of the land, buildings, and equipment are $500,000, $800,000, and $200,000, respectively. What amount should be recorded in the separate account for the land?
The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of P20,000,000. At the time of acquisition, Oscar paid P240,000 to have the assets appraised. The appraisal disclosed the following values: Land.. P12,000,000 Buildings... 8,000,000 Equipment... 4,000,000 What cost should be assigned to the land account?
SEASH, Inc. acquired an office building, land, and equipment in a single basket purchase. The fair values were $2,400,000, $1,200,000, and $400,000 for the building, land, and equipment, respectively. The company recorded the building for $2,160,000. What was the total purchase cost for all three assets? Select one: a. $3,400,000 b. $3,600,000 c. $3,200,000 d. $3,800,000 e. $4,000,000
A company acquired an office building, land, and equipment in a single basket purchase. The fair values were $2,160,000, $540,000, and $2,700,000 for the building, land, and equipment, respectively. The company recorded the building for $1,490,000. What was the total purchase cost for all three assets?
Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets be recorded? (Do not round intermediate calculations and round final answers to O decimal places e.g. 58,971.) Land Building LA LA Equipment $ Save for Later Recorded Amount eTextbook and Media DAE O Search LDLC 8 F8 DOLL Attempts: 0 of 3 used prt sc home Submit Answer end insert
can you please solve this
Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Riverwalk Company acquired assets from Sunset Corp for $625,000 cash. The estimated fair values of the assets are: land $150,000, building $400,000, and equipment $200,000. At what amounts should each of the three assets be recorded?