Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $202,500; land improvements are appraised at $45,000; and the building is appraised at $202,500. 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 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost answers to 2 decimal places Land Land improvements Building Totals Percent of Total Appraised Value Appraised Value Total Cost of -Apportioned Acquisition Cost S 0% 0.00 Required 1 Required 2 >

Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $202,500; land improvements are appraised at $45,000; and the building is appraised at $202,500. 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 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost answers to 2 decimal places Land Land improvements Building Totals Percent of Total Appraised Value Appraised Value Total Cost of -Apportioned Acquisition Cost S 0% 0.00 Required 1 Required 2 >

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter2: Asset And Liability Valuation And Income Recognition

Section: Chapter Questions

Problem 11PC: Costs to Be Included in Historical Cost Valuation. At a cost of 200,000, Assume In-N-Out Burger...

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Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $315,900 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $96,000; 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Total Cost of Appraised Acquisition Value Land Land improvements Building Totals Appraised Value $ 0 0% Required = Apportioned Cost $ Required 2 0.00
Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $373,815 for real estate with land, land improvements, and a building. Land is appraised at $210,000; land improvements are appraised at $84,000; and the building is appraised at $126,000. 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Land Land improvements Building Totals Appraised Value View transaction list Journal entry worksheet >
Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $168,000; land improvements are appraised at $63,000; and the building is appraised at $189,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.
Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvements
xercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $220, 500; land improvements are appraised at $73,500; and the building is appraised at $196,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase.
Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $465,300; land, $277,200; land improvements, $49,500; and four vehicles, $198,000. Problem 8-1A (Algo) Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3…
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $225,000; land improvements are appraised at $75,000; and a building is appraised at $200,000. Required: 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 225,000 45% Land improvements 75,000 Building 200,000 Totals $ 500,000 45% 2$ 0.00 Required 1 Required 2 >
Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $497,250; land, $292,500; land improvements, $68,250; and four vehicles, $117,000. Problem 8-1A (Algo) Part 4 es 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life? Is tax payment less under accelerated depreciation? Yes No
Cornerstone Exercise 7-18 (Algorithmic) Acquisition Cost Cox Company recently purchased a machine by paying $9,900 cash and signing a 6-month, 10% note for $10,000. In addition to the purchase price, Cox incurred the following costs related to the machine: freight charges, $800; interest charges, $500; special foundation for machine, $400; installation costs, $1,10o. Required: Determine the cost of the machine.
Problem 11-15 (IAA) Solid Company purchased a plot of ground for P18,000,000. The entity also paid an independent appraiser for the land the amount of P500,000. The land was developed as residential lots at a total oost of P41,500,000. The lots were classified as follows: Number of lots Sales price per lot Highland Midland Lowland 20 1,000,000 750,000 500,000 40 100 Required: Compute the total cost of each lot classification. 898
QS 8-3 (Algo) Lump-sum purchase of assets LO C1 Diego Company paid $200,000 cash to acquire a group of items consisting of land appraised at $48,000 and a building appraised at $192,000. Allocate total cost to these two assets and prepare an entry to record the purchase.
Costs to Be Included in Historical Cost Valuation. At a cost of 200,000, Assume In-N-Out Burger acquired a tract of land for a restaurant site. It paid attorneys 7,500 to conduct a title search and to prepare the required legal documents for the purchase. State real estate transfer taxes totaled 2,500. Building permits totaled 1,200. Compute the acquisition cost of the land.