On April 1, Proton Corporation purchased for P855,000 a tract of land on which was located a warehouse and office building. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land P300,000 P280,000 Warehouse 200,000 180,000 Office building 400,000 340,000 P900,000 P800,000 What are the appropriate amounts that Proton should record for the land, warehouse, and office building, respectively? O Land, P299,250; warehouse, P192,375; office building, P363,375. O Land, P300,000; warehouse, P200,000; office building, P400,000. O Land, P280,000; warehouse, P180,000; office building, P340,000. O Land, P285,000; warehouse, P190,000; office building, P380,000.
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- On April 1, Bramble Corp. purchased for $1629000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $560000 $510000 Warehouse 400000 370000 Office building 840000 672000 $1800000 $1552000 What are the appropriate amounts that Bramble should record for the land, warehouse, and office building, respectively? Land, $506800; warehouse, $362000; office building, $760200. Land, $510000; warehouse, $370000; office building, $672000. Land, $560000; warehouse, $400000; office building, $840000. Land, $516375; warehouse, $374625; office building, $680400.On April 1, Rover Corporation purchased for P855,000 a tract of land on which was located a warehouse and office building. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost P300,000 P280,000 200,000 180,000 400,000 340,000 P900,000 P800,000 What are the appropriate amounts that Rover should record for the land, warehouse, and office building, respectively? Land Warehouse Office building Land, P299,250; warehouse, P192,375; office building, P363,375. Land, P285,000; warehouse, P190,000; office building, P380,000. Land, P280,000; warehouse, P180,000; office building, P340,000. Land, P300,000; warehouse, P200,000; office building, P400,000.On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which it is located. The following data were available concerning the property: Current Appraised Value Original Cost Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 Total P5,500,000 P4,800,000 At what amount should the warehouse be recorded?
- On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which it is located. The following data were available concerning the property: Current Appraised Original Cost Value Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 Total P5,500,000 P4,800,000 At what amount should the warehouse be recorded?Lenny Corporation purchased for P690,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property: Current Assessed Vendor's Valuation Original Cost Land P280,000 P180,000 Warehouse 320,000 315,000 Office Building 200,000 129,000 P800,000 P624,000 Determine the appropriate amount that Lenny should charge to land. a. P280,000 b. P199,000 c. P241,500 d. P690,000homework i Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $846,300 cash. The land was appraised at $194,649 and the building at $778,596. Required: a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Check my work Record the purchase in a horizontal statements model. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. In the Statement of Cash Flows column, use the initials OA to designate operating IA for investing activity, FA for financing activity, NC for net change in cash and NA for not affected. Enter any decreases to account balances and…
- On Jan. 1, Town Company purchased for P5,400,000, including appraiser fee of P50,000, a warehouse building and the land on which it is located. The following data were available concerning the property: Seller’s original cost Land - P1,400,000 Warehouse building - P2,800,000 Current appraised value Land - P2,000,000 Warehouse building - P3,000,000 What is the initial measurement of the land? What is the initial measurement of the warehouse building?C & M Securities made several expenditures during the current fiscal year, including the following:(a)For each of the items listed below, indicate whether the cost should be debited to land, buildings, equipment, land improvements, or an expense account. Amount Description of Expenditure 1. $150,000 Acquisition of a piece of land to be used as a building site No effectEquipmentBuildingExpense or Land improvementsLandExpenseExpense or BuildingsLand improvements 2. 3,000 Demolition of a small building on the land, to make way for the new building Expense or BuildingsNo effectLand improvementsBuildingExpenseEquipmentLandExpense or Land improvements 3. 7,500 Levelling of the land to prepare it for construction of the new building No effectLand improvementsExpense or Land…Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $983,000 cash The land was appraised at $248 699 and the building at $881,751 Required: What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model.
- At the beginning of the current year, CakeCompany purchased for P5,400,000, including appraiser's fee of P50,000, a warehouse building and the land on which it is located. The following data were available concerning the property: Land (Current appraised value)-P2,000,000 Land (Seller's original cost)-P1,400,000 Warehouse building (Current appraised value)- P3,000,000 Warehouse building (Seller's original cost)-P2,800,000 What is the initial measurement of the land?These expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900At the beginning of the current year, Township Company purchased for Php5,400,000, including appraiser's fee of Php50,000, a warehouse building and the land on which it is located. The following data were available concerning the property: Current appraised Seller's original cost value Land 2,000,000.00 1,400,000.00 Building 3,000,000.00 2,800,000.00 Total 5,000,000.00 4,200,000.00 Township should record the Land at: