The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a)   Money borrowed to pay building contractor (signed a note)   $(280,800 ) (b)   Payment for construction from note proceeds   280,800   (c)   Cost of land fill and clearing   12,020   (d)   Delinquent real estate taxes on property assumed by purchaser   7,470   (e)   Premium on 6-month insurance policy during construction   12,360   (f)   Refund of 1-month insurance premium because construction completed early   (2,060 ) (g)   Architect’s fee on building   28,020   (h)   Cost of real estate purchased as a plant site (land $208,600 and building $50,000)   258,600   (i)   Commission fee paid to real estate agency   8,480   (j)   Installation of fences around property   3,960   (k)   Cost of razing and removing building   10,190   (l)   Proceeds from salvage of demolished building   (4,840 ) (m)   Interest paid during construction on money borrowed for construction   12,880   (n)   Cost of parking lots and driveways   18,540   (o)   Cost of trees and shrubbery planted (permanent in nature)   13,540   (p)   Excavation costs for new building   3,100   Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title.   Item   Land   LandImprovements   Building   Other Accounts

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E9.1 (LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. a. Money borrowed to pay building contractor (signed a note) b. Payment for construction from note proceeds c. Cost of land fill and clearing d. Delinquent real estate taxes on property assumed by purchaser e. Premium on 6-month insurance policy during construction f. Refund of 1-month insurance premium because construction completed early g. Architect's fee on building h. Cost of real estate purchased as a plant site (land $200,000 and building $50,000) i. Commission fee paid to real estate agency j. Installation of fences around property k. Cost of razing and removing building 1. Proceeds from salvage of demolished building m. Interest paid during construction on money borrowed for construction n. Cost of parking lots and driveways o. Cost of trees and shrubbery…

The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a)   Money borrowed to pay building contractor (signed a note)   $(294,000 ) (b)   Payment for construction from note proceeds   294,000   (c)   Cost of land fill and clearing   10,230   (d)   Delinquent real estate taxes on property assumed by purchaser   7,990   (e)   Premium on 6-month insurance policy during construction   11,280   (f)   Refund of 1-month insurance premium because construction completed early   (1,880 ) (g)   Architect’s fee on building   26,210   (h)   Cost of real estate purchased as a plant site (land $201,800 and building $54,800)   256,600   (i)   Commission fee paid to real estate agency   8,660   (j)   Installation of fences around property   3,810   (k)   Cost of razing and removing building   11,840   (l)   Proceeds from salvage of…

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.

Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $ 811,000 cash. The land was appraised at $223, 836 and the building at $708,814. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d . Record the purchase in general journal format.

A company bought a building with the intention of selling it in two years ' time and not to use it for their own operations . The building will be reported in the classified Statement of Financial Position as: A) a an intangible asset b) property , plant and equipment с) a long -term investment d) a land expense

Calculate the following for the Corporation that is receiving the properties/services FMV of property received Adjusted basis of property received Applicable basis code section Realized gain (income) on property Recognized gain (income) on property Gain (income) deferred, if present

Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $220,000; land improvements are appraised at $55,000; and the building is appraised at $275,000. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned Cost

Indicate whether the following items are Section 1245 or Section 1250 property or, if neither, indicate what type of property they are considered to be (e.g., capital asset, Section 1231 asset). (Remember that Section 1245 and Section 1250 properties are sub-categories of depreciable Section 1231 property.) Assume all the items have been held long-term. Equipment used in the business Personal automobile Truck used in the business Escalator used in the business Inventory Residential rental housing Nonresidential real property depreciated under the straight-line method Leasehold of Section 1245 property