Based on the following data, determine the cost of the land to be reported on the balance sheet. Land purchase price $177,668 17,098 5,376 1,031 Broker's commission Payment for demolition and removal of existing building Cash received from sale of materials salvaged from demolished building
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- What is the cost of the land, based upon the following data? Land purchase price $174,323 Broker's commission 15,683 Payment for the demolition and removal of existing building 3,872 Cash received from the sale of materials salvaged from the demolished building 2,068Based on the following data, determine the cost of the land to be reported on the balance sheet. Line Item Description Amount Land purchase price $178,000 Broker's commission 15,000 Payment for demolition and removal of existing building 5,000 Cash received from sale of materials salvaged from demolished building 2,000What is the cost of the land, based upon the following data? Land purchase price $184,449 Broker's commission 18,832 Payment for the demolition and removal of existing building 5,505 Cash received from the sale of materials salvaged from the demolished building 1,490 $fill in the blank 1
- 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 73900Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Allocate total cost to these two assets. Percent of Total Apportioned Cost Land Building TotalsCurrent Attempt in Progress These expenditures were incurred by Cullumber Company in purchasing land: cash price $60,010, assumed accrued taxes $5,490, attorney's fees $2,260, real estate broker's commission $3,960, and clearing and grading $4,220. What is the cost of the land? The cost of the land $
- Merchant Company purchased land for a building site. The costs associated with the property were: Purchase price Real estate commissions Legal fees Expenses of clearing the land What is the total recorded cost of the land? $ 184,000 15,900 1,700 2,900Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) related to the construction of a new home office for Norma Company. Cost of land site (which included an old apartment building appraised at 75,000). Legal fees, including fee for title search Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed by the purchaser Cost of razing the apartment building Proceeds from sale of salvaged materials Grading to establish proper drainage flow on land site Architect's fees on new building Proceeds from sales of excess dirt (from basement excavation) to owner of adjoining property (dirt was used to fill in a low area on property) Payment to building contractor Payment of medical bills of employee accidentally injured while inspecting building construction Special assessment for paving city sidewalks (paid to city) Cost of paving driveway and parking lot Cost of installing lights in…Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price Real estate commissions Legal fees Expenses of clearing the land Expenses to remove old building What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building? Multiple Choice $181,300 to Land; $20,800 to Building. $196,800 to Land; $1,500 to Building. $195,500 to Land; $5,300 to Building. $199,300 to Land; $0 to Building. $ 180,000 15,500 1,300 2,500 1,500 $200,800 to Land; $0 to Building.
- Determining Ending Balances in Land and Building Accounts Maldive Company completes the construction of a building. The following separate items are the costs relevant to the purchase of the lot and construction of the building. Cash payments to contractor Costs of constructing foundation Cost of land (building site) Gross cost to raze old building on land Proceeds from old building salvage Utility charges for electricity used in construction Capitalized interest on construction $80,000 2,400 40,000 16,000 Check 4,000 1,600 2,400 Determine the ending balance for (1) the Land account and for (2) the Building account. Ending balance in the Land account $ 40,000 * Ending balance in the Building account $ 102,800 *Using the Cost Approach to property appraisal, determine the final appraised value of a building and the land the bulding is on based upon the following: - Land Value-$6 million; > Building Cost (psf) - $250; > Total area (psf)-$100,000: > Developer's profit - S800,000; > Economic obsolescence - S1.5 million; > Functional obsolescence - $3 million; > Locational obsolescence - $2 million; > Curable depreciation - Si million; > Effective age -20 years: > Economic Age- 50 years. Oa $10.340,000 Ob.S14,380,000 OC S13,980.000 Od. 510,380,000 Oe. $8,380,000Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,000 b. Cost of real estate acquired as a plant site: Land 280,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 16,000 d. Cost of razing and removing building acquired in (b) 5,000 e. Proceeds from sale of salvage materials from old building 5,000 * f. Special assessment paid to city for extension of water main to the property 28,000 g. Architect’s and engineer’s fees for plans and supervision 70,000 h. Premium on one-year insurance policy during construction 7,000 i. Cost of filling and grading land 11,000 j. Money borrowed to pay building…
