What is the cost of the land, based upon the following data?Land purchase price$174,323Broker's commission15,683Payment for the demolition and removal of existing building3,872Cash received from the sale of materials salvaged from the demolished building2,068 What is the cost of the land, based upon the following data?Land purchase priceBroker's commissionPayment for the demolition and removal of existing buildingCash received from the sale of materials salvaged from the demolished building$$174,32315,6833,8722,068

Land improvements: The cost of land improvements includes all expenditures associated with making…

Answered: What is the cost of the land, based…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.1MBA

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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 $
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
Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) related to the construction of a new home office for Norma Company. Cost of land site (which included an old apartment building appraised at 75,000). Legal fees, including fee for title search Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed by the purchaser Cost of razing the apartment building Proceeds from sale of salvaged materials Grading to establish proper drainage flow on land site Architect's fees on new building Proceeds from sales of excess dirt (from basement excavation) to owner of adjoining property (dirt was used to fill in a low area on property) Payment to building contractor Payment of medical bills of employee accidentally injured while inspecting building construction Special assessment for paving city sidewalks (paid to city) Cost of paving driveway and parking lot Cost of installing lights in…
Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price Real estate commissions Legal fees Expenses of clearing the land Expenses to remove old building What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building? Multiple Choice $181,300 to Land; $20,800 to Building. $196,800 to Land; $1,500 to Building. $195,500 to Land; $5,300 to Building. $199,300 to Land; $0 to Building. $ 180,000 15,500 1,300 2,500 1,500 $200,800 to Land; $0 to Building.
Which of the following is recorded as a cost when purchasing an existing building? A. cost to renovate the building before it is in use B. fencing O C. land where the building is located O D. parking lot around the building
Based on the following data, determine the cost of the land to be reported on the balance sheet. Land purchase price $177,668 Broker's commission 17,098 Payment for demolition and removal of existing building 5,376 Cash received from sale of materials salvaged from demolished building 1,031
Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $42,600; terms: 2/10, n/30; paid within the discount period. 2. Transportation-in: $880. 3. Installation: $400. 4. Cost to repair damage during unloading: $630. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copier, Computer, and Scanner for $52,500 with Fair Market Values 1. Copier, $23,421. 2. Computer, $12,027. 3. Scanner, $27,852. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $83,800. 2. Demolition of building, $4,760. 3. Lumber sold from old building, $1,780. 4. Grading in preparation for new building, $7,900. 5. Construction of new building, $279,000.
Show the complete solution of the following: 1. What is the cost of the land?2. What is the cost of the land improvement?3. What is the cost of the building?
The book value of a plant asset is the difference between the Question 20 options: replacement cost of the asset and its historical cost. cost of the asset and the amount of depreciation expense for the year. cost of the asset and the accumulated depreciation to date. proceeds received from the sale of the asset and its original cost.
Costs to Be Included in Historical Cost Valuation. At a cost of 200,000, Assume In-N-Out Burger acquired a tract of land for a restaurant site. It paid attorneys 7,500 to conduct a title search and to prepare the required legal documents for the purchase. State real estate transfer taxes totaled 2,500. Building permits totaled 1,200. Compute the acquisition cost of the land.
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?
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?

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Land purchase price	$174,323
Broker's commission	15,683
Payment for the demolition and removal of existing building	3,872
Cash received from the sale of materials salvaged from the demolished building	2,068

What is the cost of the land, based upon the following data? Land purchase price $174,323 Broker's commission 15,683 Payment for the demolition and removal of existing building 3,872 Cash received from the sale of materials salvaged from the demolished building 2,068