Shaun Pollok purchased a car wash for $480,000. If purchased separately, the land would have cost $120,000, the building $270,000, and the equipment $210,000. Determine the amount that should be recorded in the new business’s records for land, building, and equipment.
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Shaun Pollok purchased a car wash for $480,000. If purchased separately, the land would have cost $120,000, the building $270,000, and the equipment $210,000. Determine the amount that should be recorded in the new business’s records for land, building, and equipment.
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- Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the land. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general JournalMerchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 187,000 Real estate commissions 16,200 Legal fees 2,000 Expenses of clearing the land 3,200 Expenses to remove old building 2,200 What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300, broker commission $1,530, paving of parking lot $10,000, gardening $1,500, closing costs $560, and a salvage value of lumber of shed $120. Unilever will record the acquisition cost of the land as:
- During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $120,000 Legal fees for contracts to purchase land 3,000 Architech fees 17,000 Demolition of the old building on site 9,000 Sale of scrap from old building 6,000 Construction cost of new building 700,000 A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. $fill in the blank 1 B. What should Alanna Co. record on its books for the building? $fill in the blank 2Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account. select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees $enter a dollar amount select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving…[The following information applies to the questions displayed below.] On December 2 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,620,000; $385,000 was allocated to the basis of the land and the remaining $1,235,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount. a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3
- During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $130,000 Legal fees for contracts to purchase land 4,000 Architech fees 16,000 Demolition of the old building on site 12,000 Sale of scrap from old building 5,000 Construction cost of new building 630,000 A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building?Karl bought a building and the land on which it is located for $186,100 cash. The land is estimated to represent 65 percent of the purchase price. The company paid $33,100 for building renovations before it was ready for use. When preparing a journal entry to record all expenditures, the debit to Building would be: $_______Purchased land costs 2,500,000 and a Bank transfer is made. The cost of excavation of the old building and the base of the new building is 300,000 + %10VAT, the Property tax paid is 60,000 and Estate company invoice is 30,000+%10VAT is on the account. Please do necessary accounting enteries.
- Previn Brothers Inc. purchased a piece of land at a cost of $ 27,000. Closing costs were $ 1,400. An old building was removed at a cost of $ 10,200. How much must be recorded as the cost of the land? Present your answer with the details of all the calculations made to obtain the final cost of the land.Berry purchased a building (including land) for $711,000. Berry plans to use the building. The land’s value on the purchase date was $159,000, and the building’s value was $552,000. Berry gave a cash down payment of 20% of the total purchase cost and signed a promissory note for the remainder. The company estimates the building will have a useful life of 25 years and a salvage value of $81,000. What is the journal entry for this?[The following information applies to the questions displayed below.] On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3