cost of land
Q: Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price,…
A: Based on the fair value of the land building as required in one we divided the cost in ratio of fair…
Q: Ramirez Company made the following payments related to a land acquisition: Purchase price $7,500…
A: Items to be included in Capitalizable cost of land :- Purchase price Past due taxes Title search…
Q: The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…
A: Total cost to be assigned = P20,000,000 + P240,000 Total cost to be assigned = P20,240,000
Q: Plant acquisitions for selected companies are as follows: 1. Sandhill Industries Inc. acquired…
A: Journal entries are defined as recording or posting of the business transactions into the books of…
Q: Broncos Corporation acquired the following assets associated with a manufacturing facility for a…
A: Computation of the Intial value of the patent is as follows :
Q: cquire the land, Snow Company paid a P15,000 commission to a real estate agent. P25,000 were…
A: Land D Particulars Amount Purchase Price 220,000 Agent's Commission 15,000 Cost of…
Q: On February 3, Heidel Co. paid $750,000, check #2050 to buy the plant assets of Rogers Company that…
A: Percent of total appraised value = (Appraised value of asset / Total Appraised value of all…
Q: Question 7.17 please explained in detail.
A: Assets: Assets are the resources of an organization used for the purpose of business operations.…
Q: The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…
A: Total cost to be assigned = P20,000,000 + P240,000 Total cost to be assigned = P20,240,000
Q: Uy Company acquired a tract of land on which was located an office building, a warehouse, and…
A: A lump-sum payment is a total amount that is paid by the buyer to the seller for the acquired…
Q: Plant acquisitions for selected companies are as follows. 1. Bramble Industries Inc. acquired land,…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: On January 1, 2015, Micah Joy Mining Corp. acquired property containing mineral resources for…
A: On 01.01.2015, Micah Joy Mining Corp. acquired property = P150000000 Cost pf exploration = P8000000…
Q: On Jan. 1, Town Company purchased for P5,400,000, including appraiser fee of P50,000, a warehouse…
A: The initial measurement of the land and warehouse building will be total cost of acquisition…
Q: Beatrice Co. made the following purchases for the year: - Purchased for Php5,400,000, including…
A:
Q: ilding, equipment and inventories on raw material. For proper accounting purposes, each asset was…
A: Inventory's percentage in total Assets acquired = Value of Inventory/ Value of Total Assets
Q: Carver Inc. purchased a bulkling and the land on which the bulldıng Is situated for a total cost of…
A: Answer -- Part B - Amount of Purchase cost to be allocated to Land and the amount to allocate the…
Q: What is the total cost of land improvements at year-end? a. 1,650,000 b. 900,000 c. 750,000 d.…
A: As per our protocol we provide solution to the one question only but as you have asked various…
Q: II. Broncos Corporation acquired the following assets associated with a manufacturing facility for a…
A: Solution II Lumpsum price = $9,000,000 Aggregate of standalone prices = $4,000,000 + $2,000,000 +…
Q: Catherine Company acquired a coal mine at a cost of P25,000,000. Intangible development cost totaled…
A: Depletion rate: To compute a unit depletion rate, subtract the salvage value of the asset from…
Q: Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price,…
A:
Q: Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was…
A: Assets: Property or things owned by company are called Assets. Example: Buildings. Land etc
Q: Knight Company made the following acquisitions during the year Purchased for P5,400,000 , excluding…
A: SOLUTION- LAND IS A NON CURRENT TANGIBLE FIXED ASSETS WHICH REPRESENTS THE REAL ESTATE OWNED BY THE…
Q: Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was…
A: Initial value of land and buildings shall be allocated based on their proportion of fair values.
Q: On January 1, 2018, the Blackstone Corporation purchased a tract of land (site number 11) with a…
A: Requirement 1:
Q: On April 1, Proton Corporation purchased for P855,000 a tract of land on which was located a…
A: Fixed assets are assets that are purchased for a lengthy period of time and are unlikely to be…
Q: Health Co. purchased land and building at a lump-sum price of P6,000,000. After the acquisition,…
A: Introduction: An acquisition is a situation in which a firm buys a major proportion of shares of…
Q: ABC Co. acquired land, buildings, and equipment from XYZ Co. at a lump-sum price of P1,800,000. ABC…
A: Answer Lum- sum price = P1,800,000 appraisal = P120,000
Q: Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price,…
A: Land is the non-current asset that is usually held by the entity for using the same to run its…
Q: Atchison Corporation purchased equipment, a building, and land for $1,000,000 ($200,000 in cash and…
A: The journal entries are prepared to record the day to day transactions of the business.
Q: On January 1,2015, Rekto Corporation acquired a building at a cost of $22,000,000. The building has…
A: Annual depreciation = (Cost of the assets - residual value)/ life of the assets = (P22,000,000 -…
Q: Sunset Co. Acquired land with old building for 6,000,000. After the acquisition, Sunset Co.…
A: Calculation of Total Cash Expended :
Q: On January 1,2015, ABC Corporation acquired a building at a cost of P 22,000,000. The building has…
A: Annual depreciation = (Cost of the assets - residual value)/ life of the assets = (P22,000,000 -…
Q: Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price,…
A: 1. Calculation of Initial Valuation: Total Purchase price = Land and Building Purchase Cost + Title…
Q: On January 1,2015, ABC Corporation acquired a building at a cost of P 22,000,000. The building has…
A: Annual depreciation = (Cost of the assets - residual value)/ life of the assets = (P22,000,000 -…
Q: At the beginning of current year, Melancholy Company reported the following property, plant and…
A: The question is related to Property Plant and Equipment. The details are given regarding the same.
Q: Nathan Jacob’s Company paid $450,000 to acquire land, building, and equipment. At the time of the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Garrett Corporation paid $300,000 to acquire land, buildings, and equipment. At the time of…
A: 1. Formulas:
Q: Blackpink Company purchased land with a building on it, for P2,280,000. It was reliably determined…
A: Here while analyzing the data it is understand that there is the purchase of land and building and…
Q: On January 1, 2021, EFG Company acquired a building for P1,200,000. Professional fees for legal…
A: For the Acqusition cost of investment property according to IFRS standards which indicating that…
Q: Iris Company acquired property at the beginning of current year which contains mineral deposit. The…
A: based on the amount of extraction depletion will be calculated
Q: Garrett paid $20,000 for an appraisal, which revealed the following values: land, $100,000;…
A: In the above questions we have asked to pass journal entries on revaluation of property,plant and…
Q: Schwartzkopf Co. purchased for $2,200,000 propertythat included both land and a building to be used…
A:
Q: Carver Inc. purchased a building and the land on which the building is situated for a total cost of…
A: The accounting term is lump sum purchase. Lump Sum Purchase: When the assets are purchased or…
Q: Accounting for Property, Plant and Equipment During the first few days of the year, Coast Company…
A: Cost of acquisition will include all those expenditures incurred to bring the asset to its current…
Q: During its inception, Devon Company purchased land for $250,000 and a building for $200,000. After…
A: Calculate the amount of investment in Devon Company to be reported by Regan Company: Land…
Q: Hayes Industries purchased the following assets and constructed a building as well. All this was…
A: Introduction Journal entries for recording the given assets details are as follows
Step by step
Solved in 2 steps
- The following intangible assets were purchased by Goldstein Corporation: A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years. B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years. For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $983,000 cash The land was appraised at $248 699 and the building at $881,751 Required: What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model.Reward Company made the following acquisitions during the year as follows; Purchased for P5,400,000, including appraiser fee of P50,000, a warehouse building and the land on which it is located. The land had an appraised value of P2,000,000 and original cost of P1,400,000. The building had an appraised value of P3,000,000 and original cost of PP2,800,000. Purchased and office building and the land on which it is located for P7,500,000 cash and assumed an existing P2,500,000 mortgage. For realty tax purposes, the property is assessed at P9,600,000, 60% of which is allocated to building. A. What is the total cost of the land? B. What is the total cost of the building?
- Knight Company made the following acquisitions during the year Purchased for P5,400,000 , excluding appraiser fee of P100,000, a warehouse building and the land on which it is located The land had an appraised value of P3,000,000 and original cost of P1,400,000 The building had an appraised value of P2,000, and original cost of P2,800,000 Purchased an office building and the land on which it is located for P7,500,000 and assumed an existing P2,500,000 mortgage For realty tax purposes, the property is assessed at P9.600,000,60\% of which is allocated to the land What is the total cost of building?homework i Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $846,300 cash. The land was appraised at $194,649 and the building at $778,596. Required: a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Check my work Record the purchase in a horizontal statements model. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. In the Statement of Cash Flows column, use the initials OA to designate operating IA for investing activity, FA for financing activity, NC for net change in cash and NA for not affected. Enter any decreases to account balances and…Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $ 811,000 cash. The land was appraised at $223, 836 and the building at $708,814. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d . Record the purchase in general journal format.
- Carver Inc. purchased a building and the land on which the building is situated for a total cost of $922,800 cash. The land was appraised at $244,081 and the building at $817,139. What is the accounting term for this type of acquisition? Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. Would the company recognize a gain on the purchase? Record the purchase in a horizontal statements model.Purchased for P5,500,000, including appraiser fee of P100,000´a warehouse building and the land on which it is located. The land had an appraised value of P2,000,000 and original cost of P1,400,000. The building had an appraised value of P3,000,000 and original cost of P2,500,000. 4. Purchased an office building and the land on which it is located for P7,500,000 cash and assumed an existing P2,500,000 mortgage. For realty tax purposes, the property is assessed at P9,600,000, 60% of which is allocated to building. Required: Prepare journal entries to record the transactions for the current year.Tonto Company purchased all property for $280,000. The property included a building, equipment, and land. The building was appraised at $175,000, the land at $126,000, and the equipment at $49,000. Prepare the journal entry to record the property basket purchase.
- Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $996,700 cash. The land wasappraised at $183,393 and the building at $962,812.Requireda. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building.b. Would the company recognize a gain on the purchase?c. Record the purchase in a horizontal statements model.d. Record the purchase in general journal formatNathan Jacob’s Company paid $450,000 to acquire land, building, and equipment. At the time of the acquisition, Nathan Jacob's $15,000 to have the property appraised. The following values were determined from the appraisal: land, $125,000; building, $235,000; and equipment, $150,000. Required: 1. What cost should Nathan Jacob’s assign to the land, buildings, and equipment, respectively? 2. Provide the journal entry to record the acquisition on the books of Nathan Jacob’s.