Solid Company purchased a plot of ground for P18 The entity also paid an independent appraiser for the land the amount of P500,000. The land was developed as residential lots at a total cost of P41,500,000. The lots were classified as follows: Number of lots Sales price per lot Highland Midland Lowland 20 1,000,000 750,000 500,000 40 100 Required: Compute the total cost of each lot classification.
Solid Company purchased a plot of ground for P18 The entity also paid an independent appraiser for the land the amount of P500,000. The land was developed as residential lots at a total cost of P41,500,000. The lots were classified as follows: Number of lots Sales price per lot Highland Midland Lowland 20 1,000,000 750,000 500,000 40 100 Required: Compute the total cost of each lot classification.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...
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![Solid Company purchased a plot of ground for P18,000,000.
The entity also paid an independent appraiser for the land
the amount of P500,000.
The land was developed as residential lots at a total cost of
P41,500,000. The lots were classified as follows:
Number of lots
Sales price per lot
Highland
Midland
Lowland
20
40
1,000,000
750,000
500,000
100
Required:
Compute the total cost of each lot classification.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F34fe92ac-48d7-412d-9219-f69fea63a582%2Ffedc8501-1449-4f75-8558-e7f91ecbd96d%2Fxa5sni_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Solid Company purchased a plot of ground for P18,000,000.
The entity also paid an independent appraiser for the land
the amount of P500,000.
The land was developed as residential lots at a total cost of
P41,500,000. The lots were classified as follows:
Number of lots
Sales price per lot
Highland
Midland
Lowland
20
40
1,000,000
750,000
500,000
100
Required:
Compute the total cost of each lot classification.
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