Sequoia Resorts pays $780,000 plus $17,500 in closing costs to buy out a competitor. The real estate consists of land appraised at $95,000, a building appraised at $342,000, and recreational equipment appraised at $398,000. Compute the cost that should be allocated to the building.
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Sequoia Resorts pays $780,000 plus $17,500 in closing costs to buy out a competitor. The real estate consists of land appraised at $95,000, a building appraised at $342,000, and recreational equipment appraised at $398,000. Compute the cost that should be allocated to the building.
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- Sequoia Resorts pays $780,000 plus $17,500 in closing costs to buy out a competitor. The real estate consists of land appraised at $95,000, a building appraised at $342,000, and recreational equipment appraised at $398,000. Compute the cost that should be allocated to the building.Wildwood Resorts pays $680,000 plus$15,500 in closing costs to buy out a competitor. The real estate consists of land appraised at $95,000, a building appraised at $320,000, and boats appraised at $275,000. Compute the cost that should be allocated to the building.Riverboat Adventures pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $35,000, a building appraised at $105,000, and paddleboats appraised at $210,000. Compute the cost that should be allocated to the land.
- Riverboat Adventures pays $390,000 plus $11,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $64,500, a building appraised at $137,600, and paddleboats appraised at $227,900. Compute the cost that should be allocated to the building.Compute the cost that should be allocated to the buildingMEG Adventures pays $525,000 plus $13,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $62,000, a building appraised at $211,400, and paddleboats appraised at $255,400. Compute the cost that should be allocated to the building.
- MEG Adventures pays $525,000 plus $13,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $62,000, a building appraised at $211,400, and paddleboats appraised at $255,400. Compute the cost that should be allocated to the building. Give me AnswerAccountingRiverboat Adventures pays $310,000 plus $15,000 in closing costs to purchase real estate. The real estate consists of land appraised at $35,000, a building appraised at $105,000, and land improvements appraised at $210,000. Compute the cost that should be allocated to the building. Multiple Choice $97,500. $105,000. $89,178. $140,000. $93,000.
- None.Greer Manufacturing purchases property that includes land, buildings and equipment for $5,000,000. In addition, the company pays $180,000 in legal fees, $214,000 in commissions, and $119,000 in appraisal fees. The land is estimated at 27%, the buildings are at 43%, and the equipment at 30% of the property value. Required: a. Determine the total acquisition cost of this "basket purchase". b. Allocate the total acquisition cost to the individual assets acquired. c. Prepare the journal entry to record the purchase assuming that the company paid 45% of the amounts using cash and signed a note (due in five years) for the remainder. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the total acquisition cost of this "basket purchase". Acquisition cost toevind A Next >Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300, broker commission $1,530, paving of parking lot $10,000, gardening $1,500, closing costs $560, and a salvage value of lumber of shed $120. Unilever will record the acquisition cost of the land as: