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 demolished building   (4,730 ) (m)   Interest paid during construction on money borrowed for construction   14,230   (n)   Cost of parking lots and driveways   18,650   (o)   Cost of trees and shrubbery planted (permanent in nature)   14,920   (p)   Excavation costs for new building   2,880   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. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). If no entry is required in other accounts, select "No Entry" for the account titles.) Item   Land   Land Improvements   Building   Other Accounts (a)   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    enter an account title (b)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (c)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (d)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (e)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (f)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (g)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (h)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (i)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (j)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (k)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (l)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (m)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (n)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (o)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter an account title (p)   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount

Determine the cost of land. BE9.1 (LO 1), AP These expenditures were incurred by Dobbin Company in purchasing land: cash price $60,000, assumed accrued taxes $5,000, attorney's fees $2,100, real estate broker's commission $3,300, and clearing and grading $3,500. What is the cost of the land? Determine the cost of a truck. PE m

A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of costs to the three assets? a. Land, $150,000; Land Improvements, $60,000; Building, $90,000 b. Land, $163,000; Land Improvements, $65,200; Building, $97,800 c. Land, $150,000; Land Improvements, $61,600; Building, $92,400 d. Land, $159,000; Land Improvements, $65,200; Building, $95,400 e. Land, $175,000; Land Improvements, $70,000; Building, $105,000

A4

Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Accumulated depreciation of $30,000 existed at the time of the sale. What would be journal entry that should be made in the special revenue fund (in debit and credit form)?

1. A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of costs to the three assets? a. Land, $150,000; Land Improvements, $60,000; Building, $90,000 b. Land, $163,000; Land Improvements, $65,200; Building, $97,800 c. Land, $150,000; Land Improvements, $61,600; Building, $92,400 d. Land, $159,000; Land Improvements, $65,200; Building, $95,400 e. Land, $175,000; Land Improvements, $70,000; Building, $105,000

Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00

Based on the following data, determine the cost of the land to be reported on the balance sheet. Land purchase price $177,668 Broker's commission 17,098 Payment for demolition and removal of existing building 5,376 Cash received from sale of materials salvaged from demolished building 1,031

Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $847,200 cash. The land was appraised at $175,370 and the building at $798,910. 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Total Allocated Cost $ 693,000

Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $2,000   b. Cost of real estate acquired as a plant site: Land 280,000                                                                      Building (to be demolished) 55,000   c. Delinquent real estate taxes on property, assumed by purchaser 15,000   d. Cost of razing and removing building acquired in (b) 5,000   e. Proceeds from sale of salvage materials from old building 3,000 *   f. Special assessment paid to city for extension of water main to the property 29,000   g. Architect’s and engineer’s fees for plans and supervision 60,000   h. Premium on one-year insurance policy during construction 7,000   i. Cost of filling and grading land 13,000   j. Money borrowed to pay building…