Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was 330000 paid in cash. An independent appraisal valued the land at 259875 and the communication equipment at 86625. (Record a single compound journal entry.)
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Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was 330000 paid in cash. An independent appraisal valued the land at 259875 and the communication equipment at 86625. (Record a single compound journal entry.)
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- Pittsfela Sound Center paid $200,000 for a group purchase of land, bulding, and equipment At the time of the acquisition, the land had a market value of $105,000, the bulding $84.000, and the equpment $21,000. Journalze the lump-sum prchase of the three assets for a total cost of $200.000. the amount for which the business signed a note payabie. (Record a sngle compound journal enty. Record debits frst then eredits Select the explanation on the last ine of the joumal entry table) Date Accounts and Explanation Debit Credit Land Buiding Equoment Notes PayableThe S. Sirap Co. acquired Land, Building, and Equipment for a total price of $1840000. An independent appraisal of the assets at the time of purchase was as follows: Land at $500000, Building at $1200000 Equipment at $600000. Calculate in good form the cost assigned to each asset.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…
- E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2, 8-3 Zeidler Company bought a building and the land on which the building is located for a total cash price of $182,000. The company paid transfer costs of $2,800. Renovation costs on the building were $34,960. An independent appraiser provided market values for the land, $190,000, and building, $760,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the appraised values. (Input all amounts as positive values.) Item Building Land No Apportioned Renovation cost cost Answer is complete and correct. $ $ 147,840✔ S 34,960 S 36,960✔ 184,800 Transaction Purchase cost S 2. Prepare the journal entry to record the purchase of the building and land, including all expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. (If no entry is required for a transaction/event, select "No journal…Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $499,800; land, $284,200; land improvements, $29,400; and four vehicles, $166,600. Required:1-a. Allocate the lump-sum purchase price to the separate assets purchased.1-b. Prepare the journal entry to record the purchase.2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value.3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $527,350; land, $308,450; land improvements, $49,750; and four vehicles, $109,450. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to th separate assets purchased. Total cost of Acquisition Allocation of total cost Building Land Land improvements Vehicles Total Estimated Market Value $ 0…
- Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. Required 1. Allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $27,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Analysis Component 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset’s life?Required information [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $496,800; land, $248,400; land improvements, $27,600; and four vehicles, $147,200. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-yea depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Required 2…Timberly Construction makes a lump -sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building, $458, 150; land, $317,900; land improvements, $ 65,450; and four vehicles, $93,500. Required: 1-a. Allocate the lump - sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first -year depreciation expense on the land improvements assuming a five-year life and double-declining - balance depreciation.Complete this question by entering your answers in the tabs below.
- Required information E8-3 (Algo) Computing and Recording Cost and Depreciation of Assets (Straight-Line Depreciation) LO8- 2,8-3 [The following information applies to the questions displayed below.] Shahia Company bought a building for $79,000 cash and the land on which it was located for $109,000 cash. The company paid transfer costs of $17,000 ($7,000 for the building and $10,000 for the land). Renovation costs on the building before it could be used were $18,000. E8-3 Part 3 3. Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. Land Net book value of property at end of Year 2 Building Accumulated depreciation Net book value $ 0Required information E8-3 (Algo) Computing and Recording Cost and Depreciation of Assets (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] Shahia Company bought a building for $87,000 cash and the land on which it was located for $123,000 cash. The company paid transfer costs of $15,000 ($6,000 for the building and $9,000 for the land). Renovation costs on the building before it could be used were $32,000. E8-3 Part 2 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $18,000 estimated residual value. Straight-line depreciationRequired Information [The following information applies to the questions displayed below] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $467,500, land, $243,100; land improvements, $56,100; and four vehicles, $168,300. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Required 1A Required 18 Required 2 Allocation of total cost Building…