purchased separately: Office furniture, $160,000; Round intermediate percentage values to a who Multiple Choice O $235,562 O $66,500 O $160,000 O $120,000
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- Doran Realty Company purchased a plot of ground for P800, 000 and spent P2, 100, 000 in developing it for building lots. The lots were classified int Midland, and Lowland grades, to sell at P100, 000, P75, 000, and P50, 000 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade No. of Lots Selling Price Total Revenue % of Total Sales Apportioned Cost Total Per Lot Highland 20 Midland 40 Lowland 100 Total 160Inc paid $950,000 for a basket purchase that included office furniture, a building, and land. An appraiser provided the following estimates of the appraised values of the assets if they had been purchased separately : office furniture, $190,000. Building: $740,000. Land: $132,000. Based on this information, what is the cost that should be allocated to the land? Round to 2 decimal places. A. $171,000 B. $132,000 C. $316,667 D. $114,000Rodriguez Company pays $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]
- Hoot Enterprises buys a warehouse for $590,000 to use for its East Coast distributionoperations. On the date of the purchase, a professional appraisal shows a value of $650,000for the warehouse. The seller had originally purchased the building for $480,000. Hoothas a similar warehouse on the West Coast that has a book value of $603,000. Under thehistorical cost principle, Hoot should record the building fora. $650,000.b. $480,000.c. $590,000.d. $603,000.A group of assets including land, a building, and equipment were purchased for $1,000,000. The estimated market value of the assets include the following: Land 400,000, building 500,000, and equipment 300,000. Calculate the purchase price allocation for each of the assets. *Round your allocation percentage to the nearest decimal. Land 340,000 Building 420,000 Equipment 250,000 Land 400,000 Building 500,000 Equipment 300,000 Land 333,333 Building 333,333 Equipment 333,334 Land 250,000 Building 400,000 Equipment 350,000Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >
- The Zylo Corp. made a basket purchase of Land, Building, and Equipment for $6250000. The appraised value of each asset was listed as follows. Land at $1500000, Building at $3900000, and equipment at $1200000. Required: Calculate the cost assigned to each asset.In a cost center, the manager has responsibility and authority for making decisions that affect a. costs b. investments in assets c. both costs and revenues d. revenues Keating Co. is considering disposing of equipment with a cost of $68,000 and accumulated depreciation of $47,600. Keating Co. can sell the equipment through a broker for $27,000 less 8% commission. Alternatively, Gunner Co. has offered to lease the equipment for five years for a total of $46,000. Keating will incur repair, insurance, and property tax expenses estimated at $10,000 over the five-year period. At lease-end, the equipment is expected to have no residual value. The net differential income from the lease alternative is a. $11,160 b. $7,812 c. $16,740 d. $13,392 If sales are $828,000, variable costs are 68% of sales, and operating income is $278,000, what is the contribution margin ratio? a. 64% b. 36% c. 68% d. 32%A company purchases a 20,040-square-foot building for $750,000. The building has two separate rental units. Unit A, which has the desirable location on the corner and contains 6,680 square feet, will be rented for $2.00 per square foot. Unit B contains 13,360 square feet and will be rented for $1.50 per square foot. Compute the amount of joint cost that should be allocated to Unit B using the value basis of allocation: Multiple Choice $300,000 $487,500 $500,000 $600,000. $450,000
- Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Prepare an entry to record the purchase. View transaction list Journal entry worksheet A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View generalSolid Company purchased a plot of ground for P18,000,000. The entity also paid an independent appraiser for the land the amount of P500,000. The land was developed as residential lots at a total cost of P41,500,000. The lots were classified as follows: Number of lots Sales price per lot Highland Midland Lowland 20 40 1,000,000 750,000 500,000 100 Required: Compute the total cost of each lot classification.Using the Cost Approach to property appraisal, determine the final appraised value of a building and the land the bulding is on based upon the following: - Land Value-$6 million; > Building Cost (psf) - $250; > Total area (psf)-$100,000: > Developer's profit - S800,000; > Economic obsolescence - S1.5 million; > Functional obsolescence - $3 million; > Locational obsolescence - $2 million; > Curable depreciation - Si million; > Effective age -20 years: > Economic Age- 50 years. Oa $10.340,000 Ob.S14,380,000 OC S13,980.000 Od. 510,380,000 Oe. $8,380,000