Sadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company Mold this land for RO 1000,000. In addition, the company purchased a bulding for RO SO000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position at

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment 1. During 2020, the following transactions occurred. 2. $231,100 903,300 660,700 876,000 Land site number 621 was acquired for $854,300. In addition, to acquire the land Whispering paid a $57,200 commission to a real estate agent. Costs of $40,200 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,800. Excavation fees A second tract of land (site number 622) with a building was acquired for $420,600. The closing statement indicated that the land value was $301,500 and the building value was $119,100. Shortly after acquisition, the building was demolished at a cost of $41,200. A new building was constructed for $331,100 plus the following costs. Architectural design fees Building permit fee Imputed interest on…

Acquisition of Land and Building On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2019. Costs incurred during this period are: Demolition of old building $ 8,000 Architect's fees 20,000 Legal fees for title investigation and purchase contract 5,000 Construction costs 625,000 Edwards sold salvaged materials resulting from the demolition for $2,000. Required: 1. At what amount should Edwards record the cost of the land and the new building, respectively? If an input box should be blank, enter a zero. Land Building Purchase price of land Demolition of old building Architect's fees Legal fees Construction costs Salvaged materials Total 2. Next Level If management misclassified a portion of the building's cost as part of the cost of the land, what would be the effect on the financial statements?

Selected accounts included in the property, plant, and equipment section of Splish Corporation’s balance sheet at December 31, 2019, had the following balances. Land   $378,000 Land improvements   176,400 Buildings   1,386,000 Equipment   1,209,600 During 2020, the following transactions occurred. 1.   A tract of land was acquired for $189,000 as a potential future building site. 2.   A plant facility consisting of land and building was acquired from Mendota Company in exchange for 25,200 shares of Splish’s common stock. On the acquisition date, Splish’s stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota’s books at $138,600 for land and $403,200 for the building at the exchange date. Current appraised values for the land and building, respectively, are $289,800 and $869,400. 3.   Items of machinery and equipment were purchased at a total cost of $504,000. Additional costs were incurred as…

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land   $309,730 Buildings—Structure   882,700 Leasehold Improvements   704,930 Equipment   844,920 During 2020, the following transactions occurred: 1.   Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2.   Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees   $37,960 Architectural design…

On January 1, 2019, Vaughn Inc. purchased equipment for $ 44900. The company is depreciating the equipment at the rate of $ 710 per month. At January 31, 2020, the balance in Accumulated Depreciation is O $9230. O $35670. O $710. O $8520.

Use the following information to answer the next two questions.   Franco Company uses IFRS and owns property, plant and equipment with a historical cost of 5,000,000 euros. At December 31, 2019, the company reported a valuation reserve of 8,565,000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5,525,000 euros.   18) The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at a) 5,000,000 euros. b) 5,525,000 euros. c) 8,565,000 euros. d)  9,090,000 euros   19) The valuation reserve at December 31, 2020 will be reported at a) 8,040,000 euros on the Statement of Stockholders' Equity. b) 8,565,000 euros in the Assets section of the Statement of Financial Position c) 9,090,000 euros in the equity section of the Statement of Financial Position. d) 525,000 euros on the Income Statement.

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Talparo Company purchased land in 2015 for $300,000. The land’s fair value at the end of 2015 is $320,000; atthe end of 2016, $280,000; and at the end of 2017, $305,000. Assume that Talparo chooses to use revaluationaccounting to account for its land.Required:Prepare the journal entries to record the land using revaluation accounting from 2015 until 2017.

Glorious Company Limited owns land that it purchased at a cost of $400 million ("m") in 2017. The company chooses to use revaluation accounting to account for the land. The land's value at the end of the following years were as follows: 2017 - $450m; 2018 - $360m; 2019 - $385m; and 2020 $410m. Required: Prepare the journal entries to record the land using revaluation accounting from 2017 - 2020 using the following table: Year Journal Land Unrealized Gain on Revaluation Loss on Impairment Recovery of Impairment Loss $'m S'm $'m $'m 2017 Dr Cr 2018 Dr Cr 2019 Dr Cr 2020 Dr Cr