On May 7, Carpet Barn Company offered to pay $75,190 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $85,970. 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 $127,000 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?$_________

Carla Vista Wholesale Motor Company purchases land for $215000 cash. Carla Vista assumes $5200 in property taxes due on the land. The title and attorney fees totaled $2900. Carla Vista has the land graded for $3500. They paid $21000 for paving of a parking lot. What amount does Carla Vista record as the cost of the land?

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.

Prater Incorporated enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. A summary of the exchange is as follows: What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Answer is complete but not entirely correct. Prater Incorporated enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. A summary of the exchange is as follows: Transferred Warehouse Land Mortgage on warehouse Cash Assets Received Land FMV $ 432,500 Original Basis Accumulated Depreciation $ 278,000 $ 55,500 55,000 55,000 63,750 21,000 21,000 FMV $ 444,750 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Answer is complete but not entirely correct. Description Realized gain Amount $ 167,250 Recognized gain $ 84,750 x Adjusted basis in new property $ 278,000