E10-17 Determining the cost of assets Lawson Furniture purchased land, paying $65,000 cash and signing a $250,000 note pavable. In addition, Lawson paid delinquent property tax of $5,000, title insurance costing $4,000, and $9,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $54.000 for a fence around the property, $12,000 for a sign near the entrance, and $8,000 for special lighting of the grounds. Requirements 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Lawson depreciate?

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Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $258,000. Legal fees paid were $1,565, delinquent taxes assumed were $10,000, and fees paid to remove an old building from the land were $20,000. Materials salvaged from the demolition of the building were sold for $4,300. A contractor was paid $869,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.fill in the blank 1 of 1$

Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 in cash and giving a short-term note for $256,000. Legal fees paid were $2,200, delinquent taxes assumed were $9,800, and fees paid to remove an old building from the land were $20,700. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $860,300 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Auto purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds as follows: Demolilitipn of existing building on site: $75,000 Legal and other fees to close escrow: $15,000 Proceeds from sale of demolition scrap: $10,000 What would be the cost of land? A. $500,000 B. $575,000 C. $580,000 D. $590,000

K- Belvidere Furniture purchased land, paying $95,000 cash and signing a $280,000 note payable. In addition, Belvidere paid delinquent property tax of $5,000, title insurance costing $1,500, and $8,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $51,000 for a fence around the property, $13,000 for a sign near the entrance, and $3,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is $ 389,500 The total cost of the land improvements is Requirements 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Belvidere depreciate? Print Done - X

A company purchased new equipment for $40,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $2,300; sales tax paid, $2,400; and installation cost, $2,300. The total capitalized cost reported for the equipment was: Multiple Choice $44,700. $47,000. $40,000. $42,300.

Rossy Investigations purchased land, paying $94,000 cash plus a $230,000 note payable. In Addition, Rossy Investigations paid delinquent property tax of $4,000, title insurance costing $5,000, and $4,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $440,000. It also paid $52,000 for a fence around the property, $19,000 for a sign near the entrance, and $5,000 for special lighting on the grounds. Determine the cost of the land, land improvements, and building. Account Land Land Improvements Purchase price Note payable Property tax Title insurance Remove building Construct building Fence Sign Lighting Totals Building