Northwest Delivery Company acquired an adjacent lot to construct a new warehouse, paying $75,000 and giving a short-term note for $90,000. Legal fees paid were $2,500, delinquent taxes assumed were $22,400, and fees paid to remove an old building from the land were $14,500. Materials salvaged from the demolition of the building were sold for $7,500. A contractor was paid $660,000 to construct a new warehouse. Determine the Cost of the land to be reported on the balance sheet.

Lavoie Corporation acquired new equipment at a cost of $100,000 plus 7% provincial sales tax and 5% GST. (GST is a recoverable tax.) The company paid $1,700 to transport the equipment to its plant. The site where the equipment was to be placed was not yet ready and Lavoie Corporation spent another $500 for one month's storage costs. When installed, $300 in labour and $200 in materials were used to adjust and calibrate the machine to the company's exact specifications. The units produced in the trial runs were subsequently sold to employees for $400. During the first two months of production, the equipment was used at only 50% of its capacity. Labour costs of $3,000 and material costs of $2,000 were incurred in this production, while the units sold generated $5,500 of sales. Lavoie paid an engineering consulting firm $11,000 for its services in recommending the specific equipment to purchase and for help during the calibration phase. Borrowing costs of $800 were incurred because of the…

A company purchased a new forging machineto manufacture disks for airplane turbine engines.The new press cost $3,500,000, and it falls into aseven-year MACRS property class. The companyhas to pay property taxes to the local township forownership of this forging machine at a rate of 1.2%on the beginning book value of each year.(a) Determine the book value of the asset at thebeginning of each tax year.(b) Determine the amount of property taxes over themachine’s depreciable life.

Cala Manufacturing purchases land for $297,000 as part of its plans to build a new plant. The company pays $40,200 to tear down an old building on the lot and $59,426 to fill and level the lot. It also pays construction costs of $1,767,800 for the new building and $111,589 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

Bill’s Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $990, and the book value prior to the repair was $5,330. In addition, the company spent $6,500 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $90,100 and related Accumulated Depreciation account at $37,400.After the work was completed, what book value should appear on the balance sheet for the tow truck and the building?

Uramilaben

Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the complete forest, leaving the land barren and worthless. Tree Lovers paid $3,000,000 for the land. Tree Lovers will sell the lumber as it is harvested and expects to deplete it over five years (23 acres in year one, 30 acres in year two, 24 acres in year three, 10 acres in year four, and 13 acres in year five). Calculate the depletion expense for the next five years. Year 1 $ Year 2 Year 3 $ Year 4 Year 5 Prepare the journal entry for year one. If an amount box does not require an entry, leave it blank. %24 %24 %24 %24 %24

1) Rocky Mountain Water Corporation paid $270,000 to purchase equipment for use in its manufacturing operations. In addition, Rocky Mountain Water Corporation incurred the following expenditures relating to the equipment: · $1,500 freight to have the equipment shipped to its manufacturing facility · $750 insurance while the equipment was in transit · $3,200 for special steel and concrete reinforcements used to house the equipment in the factory · $1,200 for a one-year insurance policy on the equipment after it has been installed · $300 to test the equipment before it is placed in service · $400 for maintenance costs during the first year of service Calculate the cost of the equipment.

Peace Co. purchased land as a factory site for P300,000. Peace paid P30,000 to tear down two building on the land. Salvage was sold for P2,700. Legal fees of P1,740 were paid for title investigation and making the purchase. Architect's fees were P15,600.  Land Title insurance cost P1,200. Liability insurance during construction cost, P1300. Excavation cost P5,220. The contractor was paid P1,100,000. An assessment made by the city for pavement was P3,200. Interest costs during construction were P85,000.  The cost of the land is  The cost of the building is  a. 1,201,900b. 1,207,120c. 1,234,420d. none of these

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $302,000. Legal fees paid were $1,580, delinquent taxes assumed were $15,200, and fees paid to remove an old building from the land were $19,100. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,015,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.fill in the blank 1 of 1$