On January 1O, GNS Repair Service extended an offer of P6,000,000 for land located at De Venecia Highway that had been priced earlier for sale at P7,200,00O. On January 25, GNS Repair Service accepted the seller's counter offer P6,600,000. How much should GNS Repair Service record the land?
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- Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $221,567. Focus Company initially offered to buy the land for $181,076. The companies settled on a purchase price of $209,946. On the same day, another piece of land on the same block sold for $231,997. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company? Oa. $221,567 Ob. $231,997 Oc. $209,946 Od. $181,076On March 31, Higgins Repair Service extended an offer of $415,000 for land that had been priced for sale at $460,000. On April 15, Higgins Repair Service accepted the seller's counteroffer of $437,500. On September 9, the land was assessed at a value of $375,000 for property tax purposes. On December 8, Higgins Repair Service was offered $475,000 for the land by a national retail chain. At what value should the land be recorded in Higgins Repair Service's records?On June 25, AAA Repair Service extended an offer of $76,000 for land that had been priced for sale at $87,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $83,000. On October 1, the land was assessed at a value of $125,000 for property tax purposes. On December 22, AAA Repair Service was offered $133,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's records? %24
- On March 31, Higgins Repair Service extended an offer of $415,000 for land that had been priced for sale at $460,000. On April 15, Higgins Repair Service accepted the seller’s counteroffer of $437,500. On September 9, the land was assessed at a value of $375,000 for property tax purposes. On December 8, Higgins Repair Service was offered $475,000 for the land by a national retail chain.At what value should the land be recorded in Higgins Repair Service's records?Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $89,426. The Focus Company initially offered to buy the land for $109,576. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $103,453. Under the cost principle, at what amount should the land be recorded in the accounting records of Focus Company? a.$103,453 b.$212,000 c.$109,576 d.$89,426On May 7, Carpet Barn Company offered to pay $72,520 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $86,190. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet Barn Company was offered $133,610 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?$fill in the blank 1
- On February 3, Gallatin Repair Service extended an offer of $152,000 for land that had been priced for sale at $173,000. On February 28, Gallatin Repair Service accepted the seller's counteroffer of $165,000. On October 23, the land was assessed at a value of $248,000 for property tax purposes. On January 15 of the next year, Gallatin Repair Service was offered $264,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records?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 >On May 7, Carpet Barn Company offered to pay $75,190 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $85,970. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet Barn Company was offered $127,000 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?$_________
- On February 3, McCade Repair Service extended an offer of $63,000 for land that had been priced for sale at $72,000. On February 28, McCade Repair Service accepted the seller's counteroffer of $69,000. On October 23, the land was assessed at a value of $104,000 for property tax purposes. On January 15 of the next year, McCade Repair Service was offered $110,000 for the land by a national retail chain. At what value should the land be recorded in McCade Repair Service's records?On June 25, McCade Repair Service extended an offer of $109,000 for land that had been priced for sale at $124,000. On July 9, McCade Repair Service accepted the seller's counteroffer of $118,000. On October 1, the land was assessed at a value of $177,000 for property tax purposes. On December 22, McCade Repair Service was offered $189,000 for the land by a national retail chain. At what value should the land be recorded in McCade Repair Service's records?Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $215,000. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-45 Part b (Algo) b. What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse was $87,500, and the appraised value of the land was $215,000? Warehouse Land Bob's Basis