Cost of land and expenses on acquisition of land. Given information: Cost of acquisition of land is $2,000,000. Closing costs is $110,000. Property taxes were for $20,000. Demolition cost was $67,000. Cost paid to remove debris is $13,800. Scrap sales amounted to $4,500.

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Answer 1

Question

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

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During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000.

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Answer 2

Question

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

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Answer 3

Question

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

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Answer 4

Question

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

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Answer 5

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

Answer 6

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

Answer 7

Chapter 11, Problem 11.2E

a.

To determine

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.

Answer 8

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

Answer 9

b.

To determine

To prepare: The journal entry to record the capitalized cost of acquisition of land.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 11 - Stephen J. Cosgrove is the Former Vice President....Ch. 11 - Prob. 11.2Q Ch. 11 - Prob. 11.3Q Ch. 11 - Prob. 11.4Q Ch. 11 - Will the expense/capitalization choice impact...Ch. 11 - Prob. 11.6Q Ch. 11 - Prob. 11.7Q Ch. 11 - For a long-lived operating asset acquired by...Ch. 11 - Prob. 11.9Q Ch. 11 - Prob. 11.10Q

Cost of land and expenses on acquisition of land. Given information: Cost of acquisition of land is $2,000,000. Closing costs is $110,000. Property taxes were for $20,000. Demolition cost was $67,000. Cost paid to remove debris is $13,800. Scrap sales amounted to $4,500.

Cost of land and expenses on acquisition of land. Given information: Cost of acquisition of land is $2,000,000. Closing costs is $110,000. Property taxes were for $20,000. Demolition cost was $67,000. Cost paid to remove debris is $13,800. Scrap sales amounted to $4,500.

To prepare: The journal entry to record the capitalized cost of acquisition of land.

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Chapter 11 Solutions

Cost of land and expenses on acquisition of land.

Given information:

Cost of acquisition of land is $2,000,000.

Closing costs is $110,000.

Property taxes were for $20,000.

Demolition cost was $67,000.

Cost paid to remove debris is $13,800.

Scrap sales amounted to $4,500.