1. A company pays $4,500,000 for a building, land, and equipment. Based on an appraisal, the land was appraised at $1,632,000; the building $3,422,000; and the equipment at $746,000. How much should the company allocate to the land, building, and equipment?
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- 1. A company pays $4,500,000 for a building, land, and equipment. Based on an appraisal, the land was appraised at $1,632,000; the building $3,422,000; and the equipment at $746,000. How much should the company allocate to the land, building, and equipment? For questions 2-4, use the following information. A company is disposing of an asset with a cost of $74,000 and associated accumulated depreciation of $69,000. 2. Write the entry if the company trades the asset for a new asset with a cost of $82,000 and the dealer provides a $7,000 trade-in. to 3. Write the entry if the company gives the asset to an employee. 4. Write the entry if the company sells the asset for $10,000. 54520 ca1. A company pays $4,500,000 for a building, land, and equipment. Based on an appraisal, the land was appraised at $1,632,000; the building $3,422,000; and the equipment at $746,000. How much should the company allocate to the land, building, and equipment? For questions 2-4, use the following information. A company is disposing of an asset with a cost of $74,000 and associated accumulated depreciation of $69,000. 2. Write the entry if the company trades the asset for a new asset with a cost of $82,000 and the dealer provides a $7,000 trade-in.1. A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of costs to the three assets? a. Land, $150,000; Land Improvements, $60,000; Building, $90,000 b. Land, $163,000; Land Improvements, $65,200; Building, $97,800 c. Land, $150,000; Land Improvements, $61,600; Building, $92,400 d. Land, $159,000; Land Improvements, $65,200; Building, $95,400 e. Land, $175,000; Land Improvements, $70,000; Building, $105,000
- Nathan 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.These expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $52,000; and the building is appraised at $234,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.
- Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $200,000; land improvements are appraised at $75,000; and the building is appraised at $ 225,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase.A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of costs to the three assets?Rodriguez Company pays $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]
- Inc paid $950,000 for a basket purchase that included office furniture, a building, and land. An appraiser provided the following estimates of the appraised values of the assets if they had been purchased separately : office furniture, $190,000. Building: $740,000. Land: $132,000. Based on this information, what is the cost that should be allocated to the land? Round to 2 decimal places. A. $171,000 B. $132,000 C. $316,667 D. $114,000A company purchased land, a building, and equipment for one price of $1,800,000. The estimated fair values of the land, building, and equipment are $225,000, $1,575,000, and $450,000, respectively. At what amount would the company record the land?Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?