On June 25, Tin Roofing extended an offer of $167,000 for land that had been priced for sale at $191,000. On July 9, Tin Roofing accepted the seller's counteroffer of $182,000. On October 1, the land was assessed at a value of $273,000 for property tax purposes. On December 22, Tin Roofing was offered $291,000 for the land by a national retail chain. At what value should the land be recorded in Tin Roofing's records?

Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $221,567. Focus Company initially offered to buy the land for $181,076. The companies settled on a purchase price of $209,946. On the same day, another piece of land on the same block sold for $231,997. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company? Oa. $221,567 Ob. $231,997 Oc. $209,946 Od. $181,076

On May 7, Carpet Barn Company offered to pay $72,520 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $86,190. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet Barn Company was offered $133,610 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?$fill in the blank 1

In 2021, TPC Incorporated sold investment land with a $474,000 book and tax basis for $775,000. The purchaser paid $100,000 in cash and gave TPC a note for the $675,000 balance of the price. In 2022, TPC received a $105,500 payment on the note ($67,500 principal + $38,000 interest). Assuming that TPC is using the installment sale method, compute its gain recognized in 2022.

Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer   b. Record the journal entry on the date of the Account NameDr.Cr. Answer   Answer   Answer   To record land acquisition.

Rocket Ltd, purchased a building from Moon Ltd. for $ 6.500.000. The payment was made as to 25% by accepting a bill of exchange, and for the balance debentures are allotted at 25% premium. Journalise in the books of purchaser.

Joshua Bank (a NON-VAT registered entity) purchased an intangible asset from Tristan Co. for $590,000 when the exchange rate was ₱1: $.0204. A 5% discount was available on the purchase. Non-transferrable taxes paid amounted to 20% of the invoice price, net of the discount. A 12% VAT was also paid based on the amount that is gross of the non-transferrable taxes. Installation and testing costs amounted to ₱40,000. How much will be recorded as intangible asset? Question 7 options: a 36,976,059 b 33,010,598  c 33,050,589 d 36,967,059

(a) On January 1, 2025, Skysong Inc. purchased land that had an assessed value of $376,000 at the time of purchase. A $585,000, zero- interest-bearing note due January 1, 2028, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2025, and the interest expense to be reported in 2025 related to this transaction. (Round intermediate calculation to 5 decimal places, e.g. 0.23451 and final answers to O decimal places, e.g. 38,548.) Land to be recorded at January 1, 2025 Interest expense to be reported $ $ (b) On January 1, 2025, Concord Furniture borrowed $3,600,000 (face value) from Sinise Co., a major customer, through a zero- interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Concord Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate…