Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $215,000. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-45 Part a (Algo) a. What is Bob's basis in the warehouse and in the land if the appraised value of the warehouse was $112,500 and the appraised value of the land was $138,750? Warehouse Land Bob's Basis

Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $215,000. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-45 Part a (Algo) a. What is Bob's basis in the warehouse and in the land if the appraised value of the warehouse was $112,500 and the appraised value of the land was $138,750? Warehouse Land Bob's Basis

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Description: Do not give image format Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for$215,000.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amo

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterA: Methods Of Depreciation

Section: Chapter Questions

Problem 4P: Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property...

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! Required information Problem 10-45 (LO 10-1) (Algo) [The following information applies to the questions displayed below.] Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $200,000. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-45 Part c (Algo) c. Which of the following appraisals would Bob likely prefer? 1. The appraised value of the warehouse was $77,250, and of the land was $175,000. 2. The appraised value of the warehouse was $52,250 and of the land was $200,000. Bob's Preference
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $219,000. The appraised fair market value of the warehouse was $127,500, and the appraised value of the land was $185,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What would be Bob’s basis in the warehouse and in the land if the appraised value of the warehouse was $102,500, and the appraised value of the land was $219,000?
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.
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $168,000. The appraised fair market value of the warehouse was $94,500, and the appraised value of the land was $138,000. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Bob’s basis in the warehouse and in the land? b. What would be Bob’s basis in the warehouse and in the land if the appraised value of the warehouse was $69,500, and the appraised value of the land was $168,000?
On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answer blank. Enter zero if applicable. a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) $ Amount 0
Strawberry Fields purchased a tractor at a cost of $39,000 and sold it two years later for $25,600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale. Mc Sraw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was the gain or loss on the sale? on sale 1 of 31 Next >
Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?
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1. Charlie Company acquired an adjacent plot to construct a new warehouse paying $301000 in cash. Attorney's fees paid were $1500, previous property taxes assumed were $13000. The company also paid $50,000 architect's fees for the construction of the new warehouse. Determine the cost of the land to be reported on the balance Sheet. 2. Merchandise with an invoice price of $6900 is purchased with terms of 1/10, n/30, FOB Destination. Transportation costs of $130 was paid by the appropriate party. What is the total amount of cash paid by the purchaser to acquire the merchandise in this scenario if payment is made within the discount period? 3. A generator machine was purchased on July 1, 2018 with a cost of $147000 and estimated salvage value of $7000, the generator machine is expected to have a useful operating life of 78000 hours. The machine will be used for routine work and is expected to be used for 3100 hours for 2018 and it is expected that for the year 2019 it will be driven twice…
Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $37,500 cash C. $30,000 cash If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 B. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 C. fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33