A building with an appraisal value of $131,275 is made available at an offer price of $151,428. The purchaser acquires the property for $35,492 in cash, a 90-day note payable for $20,114, and a mortgage amounting to $51,247. The cost basis recorded in the buyer's accounting records to recognize this purchase is a. $151,428 b. $131,275 c. $115,936 d. $106,853
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A building with an appraisal value of $131,275 is made available at an offer price of $151,428. The purchaser acquires the property for $35,492 in cash, a 90-day note payable for $20,114, and a mortgage amounting to $51,247. The cost basis recorded in the buyer's accounting records to recognize this purchase is a. $151,428 b. $131,275 c. $115,936 d. $106,853
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- A building with an appraisal value of $129,802.00 is made available at an offer price of $150,878.00. The purchaser acquires the property for $33,175.00 in cash, a 90-day note payable for $25,972.00, and a mortgage amounting to $57,161.00. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? Select the correct answer. $129,802.00 $150,878.00 $117,703.00 $116,308.00A building with an appraisal value of $125,332 is made available at an offer price of $156,559. The purchaser acquires the property for $31,021 in cash, a 90-day note payable for $27,704, and a mortgage amounting to $55,713. The cost basis recorded in the buyer's accounting records to recognize this purchase is a.$114,438 b.$125,538 c.$156,559 d.$125,332A building with an appraisal value of $132,577 is made available at an offer price of $159,843. The purchaser acquires the property for $35,884 in cash, a 90-day note payable for $24,556, and a mortgage amounting to $56,520, The cost of the building to be reported on the balance sheet is Oa. $123,959 Ob. S132577 Oc. S116960 Od, S159.843
- A building with an appraisal value of $125,601 is made available at an offer price of $153,140. The purchaser acquires the property for $31,231 in cash, a 90-day note payable for $23,994, and a mortgage amounting to $57,725. The cost of the building to be reported on the balance sheet is a.$121,909 b.$125,601 c.$112,950 d.$153,140Print Rem A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is O $172,000 ON $160,000 Oc 1154,000 Od $120,000A building with an appraisal value of $139,552 is made available at an offer price of $151,011. The puncher acquires the property of 34,927 in cash, a 90-day note payable for 28,407 and a mortgage amount to 52,483. The cost ofthe building to be reported on the balance sheet isa. $139,552b. $115,817c. $151,011d. $116,084
- Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >Oa. $119,42 Ob. $123,434 Oc. $159,374 Od. $138,273 48 6 A building with an appraisal value of $138,273 is made available at an offer price of $159,374. The purchaser acquires the property for $35,940 in cash, a 90- day note payable for $24,302, and a mortgage amounting to $59,197. The cost of the building to be reported on the balance sheet is Y H Q Search & 1- 7 U ra 8 L 1914 K IAA ( 9 fio ▶11 O O J L 99+ Std... PAI P MLA Formatting an... ins prt sc General Format // P.... ← delete Previous backspace ENG INTL home InterpreterDetails enter Next > num lock 5:11 PM 2/19/2023 end 7 home CFollowing are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
- Choose the response that correctly states the amount of a seller's gain or loss on repossessed real property with a fair market value of $54,000 on the date of repossession. The unpaid balance of the installment obligation at the time of repossession is $56,000, the gross profit percentage is 25%, and the costs of repossession were $800. A) Loss of $13,200 B) Loss of $11,200 C) Gain of $11,200 D) Gain of $13,200 Kenisha spent a total of $115,000 to purchase a business, including $15,000 in legal fees for the preparation of the sales contract, and $100,000 paid to the seller. She received a building with a fair market value (FMV) of $70,000, land with an FMV of $10,000, and furniture and fixtures with an FMV of $20,000. What is Kenisha's basis in the building, land, and furniture? A) $70,000 building; $10,000 land; $20,000 furniture and fixtures. B) $75,000 building; $15,000 land; $25,000 furniture and fixtures. C) $80,500 building; $11,500 land; $23,000 furniture and fixtures. D)…V6. A company purchases land, building and equipment for $1,500,000. An independent appraisal shows that the best available indications of fair value at the time of purchase are: land: $760,000; building: $540,000; and equipment: $320,000. The purchase is financed through long-term debt. Required: Prepare the journal entry to record the purchase Prepare the journal entry to record the purchase:On 12/21/2021, DELMY Incorporated purchased equipment, land, and building for $600,000 as a lump sum purchase. Based on the information below present the journal entry to record the sale (on the seller's books) and the purchase by DELMY. NOTE: this requires two separate Journal Entries. Show calculations for best partial credit. Book Value Fair value Equipment 50,000.00 25,000.00 Land 20,000.00 60,000.00 Building 120,000.00 180,000.00 190,000.00 265,000.00 A. Prepare the Journal Entry to record the purchase of the assets by DELMY B. Prepare the Journal Entry to record the sale of the assets by the seller