A parcel of corporate land was recently dedicated as the new plant site. What cost allocation should the land receive, based on the following: original cost of $270,000, market value of $370,000 net book value of $270,000, a recent offer to purchase for $320,000.   $370,000   $345,000   $320,000   $270,000

Larsen Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Operating expenses allocated to this project total $18,200. Group 1 2 3 No. of Lots 9 15 19 Group # of lots 9 1 2 15 3 19 Instructions: Using the charts below calculate the net income realized on this operation to date. Relative Sales Value Chart - Cost per Lot Group Lots Sold 1 2 3 Price per Lot $ 3,000 4,000 2,000 Account Price Per Lot $3,000 4,000 2,000 Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Relative Sales Value Chart - Cost of Goods Sold Allocation Selling Price Per Lot Lots Unsold at Year-End 5 7 2 $3,000 4,000 Total Revenue Relative Sales Value Chart - Net Income Calculation Amount Total Sales Relative Sales Price Cost per Lot Total Cost Cost Allocated…

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Advanced Automotive pays $270,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $30,000, the building's current market value is $210,000, and the equipment's current market value is $60,000. Prepare a schedule allocating the purchase price of $270,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $270,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $270,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Asset Land Building Equipment Total Market…