BE9.1 (LO 1), AP These expenditures were incurred by Dobbin Company in purchasing land: cash price $60,000, assumed accrued taxes $5,000, attorney's fees $2,100, real estate broker's commission $3,300, and clearing and grading $3.500. What is the cost of the land?

Oo. 68. Subject ;- Account

A4

OCD exchanged old realty for new like-kind realty. OCD’s adjusted basis in the old realty was $31,700 ($60,000 initial cost − $28,300 accumulated depreciation), and its FMV was $48,000. Because the new realty was worth only $45,000, OCD received $3,000 cash in addition to the new realty.   Required: a-1. Compute OCD's realized gain. a-2. Determine the amount and character of any recognized gain. b. Compute OCD’s basis in its new realty.

Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 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 Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2

where did you get $1150/12 for the depreciaition expense

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

Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00

10. Calculate the assessed value (in $) and the property tax due (in $) on the property. (Round your answers to the nearest cent.) Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $342,900 72 $   5.1% $

Anderson Corporation has purchased a group of assets for $23,200. The assets and their relative fair value are listed below Land Equipment Building $7,300 2,300 3,100 Which of the following amounts would be debited to the Land account? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar OA $4.233 OB. $4,176 OC. $5.568 OD. $13,224