On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a buiding for $710,000. Additionally, Blackstone paid a real estate broker's commission of $47,000, legal fees of $6,500, and title insurance of S$23,500. The closing statement indicated that the land value was $555,000 and the building value was $155,000. Shortly after acquisition, the building was razed at a cost of $86,000. Blackstone entered into a $4.100,000 fixed-price contract with Barnett Builders, Inc., on March 1, 2021, for the construction of an office building on land site 11. The building was completed and occupied on September 30, 2022. Additional construction costs were incurred as follows: Plans, specifications, and blueprints Architects fees for design and supervision $23,000 95, 000 To finance the construction cost, Blackstone borrowed $4,100,000 on March 1, 2021. The loan is payable in 10 annual installments of $410,000 plus interest at the rate of 12%. Blackstone's average amounts of accumulated building construction expenditures were as follows: For the period March 1 to December 31, 2021 For the period January 1 to September 30, 2022 $1,010,000 2,850, 000 Required: 1. Prepare a schedule that discloses the individual costs making up the balance in the land account in respect of land site 11 as of September 30, 2022. 2. Prepare a schedule that discloses the individual costs that should be capitalized in the office building account as of September 30, 2022.

2. Prepare the journal entries that Garrett should make to value its property, plant, and equipment under IFRS on December 31. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 2 3 4 5 6. 7 8

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On March 1, 2024, Beldon Corporation purchased land as a factory site for $66,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2024. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2024) Construction costs Interest on construction loan $ 7,000 18,000 5,000 3,600 560,000 8,000 Salvaged materials resulting from the demolition of the old building were sold for $2,600. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building. Complete this question by entering your answers in the tabs below. Cost of Land Cost of New Building Determine the amounts that Beldon should capitalize as the cost of the land. Note: Amounts to be deducted should be indicated with a minus sign. Capitalized cost of land: Total…

16. 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?

For the year ended December 31, 2018, Carla Vista Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated. Feb. 7 Purchased real estate for $ 1 million, paying $ 292,700 cash and signing a mortgage payable for the balance. The site had an old building on it and the current values of the land and building were $ 0.9 million and $ 101,400, respectively. The old building will be demolished and a new apartment building will be constructed on the site. 9 Paid legal fees of $ 20,080 on the real estate purchase of February 7. 15 Paid $ 61,670 to demolish the old building and make the land ready for the construction of the apartment building. 16 Received $ 15,880 from the sale of material from the demolished building. 28 Paid $4,000 to grade the land in preparation for the construction of the apartment building. Mar. 2 Paid architect fees of $ 67,570 to design the apartment building. July 2 The full cost for…

On July 1, 2024, a company purchased a $550,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds during 2024 as follows: Demolition of existing building on site $ 72,000 Legal and other fees to close escrow 12,400 Proceeds from sale of demolition scrap 9,800 What would be the balance in the land account as of December 31, 2024?

On March 31, 2024, Susquehanna Insurance purchased an office building for $12,300,000. Based on their relative fair val of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased sep office equipment on the same date for $1,370,000 and $870,000, respectively. The company uses the straight-line methc depreciate its buildings and the double-declining-balance method to depreciate all other depreciable assets. The estimat lives and residual values of these assets are as follows: Building Furniture and fixtures Office equipment Service Life 30 10 5 Residual Value 10% of cost 10% of cost Required: 1. Calculate depreciation for the years ended December 31, 2024 and 2025. 2. What book values would be reported in the December 31, 2025, balance sheet (including land)? $ 47,000 Complete this question by entering your answers in the tabs below. 2024 Required 1 Required 2 Calculate depreciation for the years ended December 31, 2024 and…

(Classification of Costs and Interest Capitalization) On January 1, 2017, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker’s commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing statement indicated that the land value was $500,000 and the buildingvalue was $100,000. Shortly after acquisition, the building was razed at a cost of $54,000.Blair entered into a $3,000,000 fixed-price contract with Slatkin Builders, Inc. on March 1, 2017, for the construction of an office building on land site number 101. The building was completed and occupied on September 30, 2018. Additional construction costs were incurred as follows. Plans, specifications, and blueprints: $21,000Architects’ fees for design and supervision: 82,000 The building is estimated to have a 40-year life from date of completion and will be depreciated using the 150% declining balance method.To finance…

Central Purchasing Ltd. (CPL) owns the building it uses; it had an original cost of $8,456,000 and accumulated depreciation of $2,536,800 as of 1 January 20X2. On this date, the building (but not the land) was sold to a real estate Investment trust (REIT) for $7,956,000, which also was the building's fair value, and simultaneously leased back to CPL. The lease has a 15-year term and required payments on 31 December of each year. The payments are $706,000 with no transfer of title or purchase option. CPL will pay all of the building's operating and maintenance costs including property taxes and Insurance. CPL's Incremental borrowing rate is 9%. The building is being depreciated straight-line with a full year's depreciation in the year of acquisition. (PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare entries for CPL to record the sale and leaseback of the building. (If no entry is required for a transaction/event, select "No…