Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $953,500 cash. The land was appraised at $230,270 and the building at $866,255. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Total Allocated Cost > Answer is not complete. $ $ 152,560 X 727,654 X 880,214 < Required A Required B >

Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $953,500 cash. The land was appraised at $230,270 and the building at $866,255. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Total Allocated Cost > Answer is not complete. $ $ 152,560 X 727,654 X 880,214 < Required A Required B >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $847,200 cash. The land was appraised at $175,370 and the building at $798,910. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Total Allocated Cost $ 693,000
Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $ 811,000 cash. The land was appraised at $223, 836 and the building at $708,814. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d . Record the purchase in general journal format.
Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $983,000 cash The land was appraised at $248 699 and the building at $881,751 Required: What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model.
Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $996,700 cash. The land wasappraised at $183,393 and the building at $962,812.Requireda. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building.b. Would the company recognize a gain on the purchase?c. Record the purchase in a horizontal statements model.d. Record the purchase in general journal format
homework i Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $846,300 cash. The land was appraised at $194,649 and the building at $778,596. Required: a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Check my work Record the purchase in a horizontal statements model. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. In the Statement of Cash Flows column, use the initials OA to designate operating IA for investing activity, FA for financing activity, NC for net change in cash and NA for not affected. Enter any decreases to account balances and…
Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 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. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $922,800 cash. The land was appraised at $244,081 and the building at $817,139. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. 2. Record the purchase in a horizontal statements model.
Pitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows. Land Building Furniture Total $ 84,820 261,528 360,484 $ 706,832 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase.
White purchased land with a current market value of $144,000, a building with a market value of $18,000, and equipment with a market value of $18,000. Journalize the lump-sum purchase of the three assets purchased for a total cost of $170,000 in exchange for a note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Land Building Equipment Notes payable
-determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building -would the company recognize a gain on the purchase? -record the purchase in a horizontal statements model -record the purchase in general journal format
A company purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to be $200,000 and the fair value of the building to be $800,000. For what amount would the company record land at the time of purchase? Multiple Choice $900,000. $200,000. $180,000. $220,000.
Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; improvements are appraised at $58,890and a building is appraised at $176,670. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.