Bridgeport Corp. acquired a property on September 15, 2023, for $300,000, paying $3,800 in transfer taxes and a $2,800 real estate ee. Based on the provincial assessment information, 85% of the property's value was related to the building and 15% to the land. It is estimated that the building, with proper maintenance, will last for 20 years, at which time it will be torn down and have zero salvage value. Bridgeport, however, expects to use it for 10 years only, as it is not expected to suit the company's purposes after that. The company should be able to sell the property for $175,000 at that time, with $44,000 of this amount being for the land. Bridgeport prepares financial statements in accordance with IFRS. Depreciation expense should be calculated to the nearest half month.)

Cimi Manufacturing had the following transactions related to the purchase of long-term assets. During 2025, purchased land for $380,000 with plans to build a new facility.  The company pays $23,500 to demolish a building that was on the land and an additional $17,000 to grade the land in preparation for the new building.  Construction cost of the new building was $$2,100,000.  The parking lot and related lighting cost $41,000.  Cimi's employee wages during this time of construction were $214,000.  On Nov 5, 2025, Cimi purchased machinery to be install in the new facility.  the machine had a price of $28,000 with term 2/10, n/30, and FOB shipping point.  Cimi always pays within the discount period.  Transporation cost of $680 wer paid.  Additionally, the following costs related to installation of the machine were incurred:  installation cost $7,600 of which $5,000 of this was parts, testing costs of $900.  During installation, damage to a neighboring company's warehouse occured, costing…

On March 1, 2025, Wildhorse Co. acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,200 attorney's fee for work concerning the land purchase, $4,500 real estate broker's fee, $8,700 architect's fee, and $14,000 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land $

On March 1, 2022, Wildhorse Company acquired real estate, on which it planned to construct a small office building, by paying $98,000 in cash. An old warehouse on the property was demolished at a cost of $ 11,000; the salvaged materials were sold for $ 3,100. Additional expenditures before construction began included $ 2,000 attorney's fee for work concerning the land purchase, $ 6,300real estate broker's fee, $ 10,800 architect's fee, and $ 18,200 to put in driveways and a parking lot. Determine the amount to be reported as the cost of the land. Cost of the land   $ enter the Cost of the land in dollars

[The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $793,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $398,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Allocation of Purchase Price Land Building 2 Land Improvements 1 Totals Purchase…

Drexler acquire an item of plant on 1 October 2021 at a cost of $500,000. It has a useful life of five years (straight-line depreciation) and an estimated residual value of 10% of its historical cost or current cost as appropriate. As at 30 September 2023 the manufacturer of the plant still makes the same item of plant, and its current price is $600,000. What is the correct carrying amount to be shown in the statement of financial position of Drexler as at 30 September 2023 under historical and current cost?

Dinesh