Vikarmbhai Wildhorse Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400. The estimated fairvalues of the assets are land $81,600, building $299,200, and equipment $108,800. At what amounts should each of the three assetsbe recorded? (Do not round intermediate calculations and round final answers to O decimal places e.g. 58,971.)Recorded AmountLandBuildingEquipmentA

This problem can be solved by allocating the total cash price according to the relative fair value…

Answered: Wildhorse Inc. purchased land,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
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
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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
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
Bonita Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $371,700. The estimated fair values of the assets are land $70,800, building $259,600, and equipment $94,400. 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.) Recorded Amount Land Building $ Equipment $
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These expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900
Please solve this following requirements on these general accounting question
[The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are building, $432,400; land, $282,000; land improvements, $37,600; and four vehicles, $188,000. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Land…
Please help me with this question
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land, $60,000; building, $220,000; and equipment, $80,000. Journalize the purchase using the relative sales value method. Date Account Debit Credit MM/DD/YY 6 of 9

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