The following costs were incurred by Imports Auto Parts in connection with the construction of a retail store building: Cost of land, including $18,200 of legal costs Cost to demolish old building Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot $320,000 18,350 10,400 870,000 16,775 92,000 Required: 1 & 2. What are the capitalized costs of the land and the new building? S Purchase price of land Demolition cost of old building Cost to level building site Cost to construct building Legal costs related to building Costs of paving parking lot Total capitalized cost Land Retail Building

The following costs were incurred by Imports Auto Parts in connection with the construction of a retail store building: Cost of land, including $18,200 of legal costs Cost to demolish old building Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot $320,000 18,350 10,400 870,000 16,775 92,000 Required: 1 & 2. What are the capitalized costs of the land and the new building? S Purchase price of land Demolition cost of old building Cost to level building site Cost to construct building Legal costs related to building Costs of paving parking lot Total capitalized cost Land Retail Building

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...

See similar textbooks

Similar questions

don't give answer in image format
During the current year, Alanna Co. had the following transactions pertaining to its new office building. A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building?
What is the cost of the land, based upon the following data? Land purchase price $184,675 Broker's commission 18,496 Payment for the demolition and removal of existing building 4,906 Cash received from the sale of materials salvaged from the demolished building 2,414 $
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,200 b. Cost of real estate acquired as a plant site: Land 340,700 Building (to be demolished) 32,400 c. Delinquent real estate taxes on property, assumed by purchaser 19,200 d. Cost of tearing down and removing building acquired in (b) 5,400 e. Proceeds from sale of salvage materials from old building 3,200* f. Special assessment paid to city for extension of water main to the property 12,800 g. Architect’s and engineer’s fees for plans and supervision 46,800 h. Premium on one-year insurance policy during construction 4,500 i. Cost of filling and grading land 18,700 j. Money borrowed to pay building contractor 798,900* k. Cost of repairing windstorm damage during…
Oriole Enterprises incurred several costs related to the acquisition of plant assets. Purchase price of land and dilapidated building Real estate broker's commission Demolition costs of dilapidated building Architect's fees and building permits Payments to contract for building construction Purchase of new furniture and equipment Actual interest costs during building construction Actual interest cost after completion of building construction Costs of walks, driveways, and parking lot $228800 O $243760 $248160 $311520 O $263120 14960 19360 21120 765600 65120 118800 105600 48400 At what amount should the land be recorded in Oriole's accounting records?
Current Attempt in Progress Indicate whether each of the following expenditures should be classified as land, land improvements, buildings, equipment, or none of these. 1. Computer installation cost 2. 3. 4. 5. 6. 7. 8. 9. 10. Driveway cost Architect's fee Surveying costs Grading costs Cost of lighting for the parking lot Insurance while in transit and freight on a computer purchased Material and labor costs incurred to construct a factory Cost of tearing down a warehouse on land just purchased Utility cost during the first year 4
What is the cost of the land, based upon the following data? Land purchase price $184,449 Broker's commission 18,832 Payment for the demolition and removal of existing building 5,505 Cash received from the sale of materials salvaged from the demolished building 1,490 $fill in the blank 1
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk next to the item letter. a. Fee paid to attorney for title search $ 2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Cost of real estate acquired as a plant site: Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in B 5,000 e.* Proceeds from sale of salvage materials from old building 4,000 f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 6,000 i. Cost of filling and grading land 12,000 j.* Money borrowed to pay building contractor 900,000 k. Cost of repairing windstorm damage during…
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk next to the item letter. a. Fee paid to attorney for title search $ 2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Cost of real estate acquired as a plant site: Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in B 5,000 e.* Proceeds from sale of salvage materials from old building 4,000 f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 6,000 i. Cost of filling and grading land 12,000 j.* Money borrowed to pay building contractor 900,000 k. Cost of repairing windstorm damage during…
Please Solve In 20mins
What is the answer to these question I uploaded
The acquisition costs of property, plant and equipment do not include: a. The ordinary and necessary costs to bring the asset to its desired condition and location for use. b. Transportation Expenses to bring the plant and machinery to the factory c. Legal fees, delivery charges, installation, and any applicable sales tax. d. Maintenance costs during the first 30 days of use.