Chapter 10, Problem 29P

Regal Properties (RP) just acquired land and a building for a single sum of $500,000. An independent appraisal determined the fair values of the assets (if purchased separately) at $350,000 for the land and $250,000 for the building. Prepare the journal entry in table format to record the purchase of the land and building. Need answer

Provide Right answer

general accounting

expert of account answer

RJ Industries purchased a tract of land for use as a factory site. The purchase price was $850000. RJ also incurred the following costs: Cost to raze an old warehouse ($75000), legal fees related to the purchase contract ($12000), and proceeds from the sale of salvaged materials ($9000). What amount should be reported as the cost of the land? Help

Baltimore Manufacturing completes job #725, which has a standard of 720 labor hours at a standard rate of $20.50 per hour. The job was completed in 600 hours, and the average actual labor rate was $21.80 per hour. What is the labor efficiency (quantity) variance? (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)

hello teacher please solve questions

Larkspur Manufacturing Company observed that, during its busiest month of 2022, maintenance costs totaled $18,500, resulting from the production of 40,000 units. During its slowest month, $13,000 in maintenance costs were incurred, resulting from the production of 25,000 units. Use the high-low method to estimate the maintenance cost that the company will incur if it produces 30,000 units. (Calculation in 2 decimal)

What is the cost of the land?