Lancaster Holdings purchased a group of assets for $28,800. The assets and their relative market values are listed below: Asset Land Market Value ($) $7,200 Equipment $3,800 Building $4,500 Which of the following amounts would be debited to the Land account? a. $7,680 b. $13,920 c. $8,640 d. $6,048

Please solve this following requirements on these general accounting question

Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land, $60,000; building, $220,000; and equipment, $80,000. Journalize the purchase using the relative sales value method. Date Account Debit Credit MM/DD/YY 6 of 9

Use this information to answer the following 6 questions. Madison Company acquired a depreciable asset at the beginning of Year 1 at a cost of $12 million. At December 31, Year 1, Madison gathered the following information related to this asset:   Carrying value of the asset at 12/31/Y1                                      $10 million Fair value of the asset at 12/31/Y1                                              $7.5 million Sum of expected future cash flows at 12/31/Y1                          $10 million Present value of expected future cash flows at 12/31/Y1            $8 million Remaining useful life at 12/31/Y1                                               5 years     Determine the impact on Year 1 net income from depreciation and possible impairment under IFRS.

A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 loss

A fixed asset with a cost of $32,167.00 and accumulated depreciation of $28,950.30 is sold for $5,468.39. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss   B. $2,251.69 gain   C. $3,216.70 gain   D. $3,216.70 loss

Assume Sambazon.com e sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $58,311 and a gain of $6,721 was recognized on the sale, what was the original cost of the asset? O $223,590 O $216,869 O $165,279 O $65,032 O $113,689

A fixed asset with a cost of $31,737 and accumulated depreciation of $28,563.30 is sold for $5,395.29. What is the amount of the gain or loss on disposal of the fixed asset? a.$3,173.70 gain b.$2,221.59 loss c.$3,173.70 loss d.$2,221.59 gain

Cozzi Company is being purchased and has the following balance sheet as of the purchase date:   Current assets $200,000   Liabilities $  90,000 Fixed assets   180,000   Equity   290,000     Total $380,000       Total $380,000   The price paid for Cozzi's net assets is $500,000. The fixed assets have a fair value of $220,000, and the liabilities have a fair value of $110,000. The amount of goodwill to be recorded in the purchase is: Select one: a.$150,000 b.$0 c.$190,000 d.$170,000

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