Mega Corp purchased assets on a lump-sum basis. Mega paid $2,400,000 for land, building, machinery and furniture. The following are values: Land Building Machinery Furniture FMV $600,000 $900,000 $550,000 $650,000 Book Value $500,000 $300,000 $400,000 $550,000 REQUIRED: Show the calculation and entry to record Mega's lump-sum purchase

Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are building, $487,500; land, $302,250; land improvements, $58,500; and four vehicles, $126,750.    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 $32,000 salvage value.3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

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.

Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets be recorded? (Do not round intermediate calculations and round final answers to O decimal places e.g. 58,971.) Land Building LA LA Equipment $ Save for Later Recorded Amount eTextbook and Media DAE O Search LDLC 8 F8 DOLL Attempts: 0 of 3 used prt sc home Submit Answer end insert

Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee                                          $300 Insurance of one year                                             $1,500 Broker commission                                                  $1,130 Accrued Property taxes                                            $560   Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990

Company X purchased Company Y for $4,000,000. The net assets of the company purchased were valued at $3,800,000. What asset will be on Company X's balance sheet for $200,000? Goodwill Amortization Not enough info Equipment

Novak Company acquires land for $56200 cash. Additional costs are as follows: Removal of shed $1720 Filling and grading Paving of parking lot Closing costs 1450 O $60060. O $56200. O $56890. $40050 9000 690 Novak will record the acquisition cost of the land as

Timberly Construction makes a lump -sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building, $458, 150; land, $317,900; land improvements, $ 65,450; and four vehicles, $93,500. 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 Information [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, $467,500, land, $243,100; land improvements, $56,100; and four vehicles, $168,300. 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 $29,000 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 3 Allocate the lump-sum purchase price to the separate assets purchased. Required 1A Required 18 Required 2 Allocation of total cost Building…

A Ltd purchases the B Ltd for the following consideration of: Cash : $150 00 Land: carrying amount of the land is $120 000; fair value is $195 000. The statement of financial position of the B Ltd as at the date of acquisition shows assets of $390 000 and liabilities of $195 000. All assets are fairly valued except the B Ltd's building, which is in the accounts at $70 000 but has a fair value of $95 000. There are no contingent liabilities. Required: Calculate the value of goodwill? Note: Provide all workings. Do not just write the final answer.