College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
Question
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Chapter 18, Problem 1SEB

(a).

To determine

Ascertain the acquisition cost of ten computers.

(b).

To determine

Ascertain the acquisition cost of land.

(c).

To determine

Ascertain the acquisition cost of building.

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Acquisition Cost The following cases are independent. Case A  Starling Ltd. bought a building for $1,920,000. Before using the building, the following expenditures were made:         Repair and renovation of building $ 197,000 Construction of new paved driveway   30,400 Upgraded landscaping   4,500 Wiring   25,000 Deposits with utilities for connections   2,650 Sign for front and back of building, attached to roof   13,200 Installation of fence around property   18,400     Case B  Lark Company purchased a $38,000 tract of land for a new manufacturing facility. Lark demolished an old building on the property and sold the materials it salvaged from the demolition. Lark incurred additional costs and realized salvage proceeds as follows:        Demolition of old building $ 33,550 Routine maintenance (mowing) done on purchase   2,650 Proceeds from sale of salvaged materials   15,350 Legal fees   13,600 Title guarantee insurance   6,050   Required:1.…
Simons Company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase: • Purchase price of the land, $150,000 • Real estate commissions of 7% of the purchase price • Land survey, $5,000 • Back taxes, $5,000 What is the initial value of the land? a. $160,000 b. $160,500 c. $165,500 d. $170,500
How much are the capitalized costs of the land and the building? Building Building 23,096,000 23,144,000 Land Land a. 8,160,000 b. 8,120,000 c. 8,100,000 d. 8,060,000 23,184,000 23,264,000

Chapter 18 Solutions

College Accounting, Chapters 1-27

Ch. 18 - The following costs were incurred to purchase a...Ch. 18 - Prob. 2CECh. 18 - A machine costing 350,000 has a salvage value of...Ch. 18 - Grandorf Company replaced the engine in a truck...Ch. 18 - Prepare journal entries for the following...Ch. 18 - Prob. 6CECh. 18 - Prob. 7CECh. 18 - Prob. 1RQCh. 18 - Prob. 2RQCh. 18 - Prob. 3RQCh. 18 - What is meant by the depreciable cost of a plant...Ch. 18 - Prob. 5RQCh. 18 - Prob. 6RQCh. 18 - Prob. 7RQCh. 18 - For assets acquired after 1986, but before...Ch. 18 - Prob. 9RQCh. 18 - Prob. 10RQCh. 18 - Prob. 11RQCh. 18 - Prob. 12RQCh. 18 - Prob. 13RQCh. 18 - Prob. 14RQCh. 18 - Prob. 15RQCh. 18 - Prob. 16RQCh. 18 - Prob. 17RQCh. 18 - Prob. 18RQCh. 18 - Prob. 19RQCh. 18 - Prob. 20RQCh. 18 - Prob. 21RQCh. 18 - Prob. 22RQCh. 18 - Prob. 23RQCh. 18 - Prob. 1SEACh. 18 - STRAIGHT-LINE, DECLINING-BALANCE, AND...Ch. 18 - UNITS-OF-PRODUCTION METHOD The truck purchased in...Ch. 18 - Prob. 4SEACh. 18 - JOURNAL ENTRIES: DISPOSITION OF PLANT ASSETS...Ch. 18 - Prob. 6SEACh. 18 - STRAIGHT-LINE, DECLINING-BALANCE,...Ch. 18 - UNITS-OF-PRODUCTION METHOD A machine is purchased...Ch. 18 - CALCULATING AND JOURNALIZING DEPRECIATION...Ch. 18 - IMPACT OF IMPROVEMENTS AND REPLACEMENTS ON THE...Ch. 18 - DISPOSITION OF ASSETS: JOURNALIZING Mitchell Parts...Ch. 18 - DEPLETION: CALCULATING AND JOURNALIZING Mineral...Ch. 18 - INTANGIBLE LONG-TERM ASSETS Track Town Co. had the...Ch. 18 - Prob. 1SEBCh. 18 - STRAIGHT-LINE, DECLINING-BALANCE, AND...Ch. 18 - Prob. 3SEBCh. 18 - Prob. 4SEBCh. 18 - JOURNAL ENTRIES: DISPOSITION OF PLANT ASSETS...Ch. 18 - Prob. 6SEBCh. 18 - STRAIGHT-LINE, DECLINING-BALANCE,...Ch. 18 - UNITS-OF-PRODUCTION METHOD A machine is purchased...Ch. 18 - CALCULATING AND JOURNALIZING DEPRECIATION...Ch. 18 - IMPACT OF IMPROVEMENTS AND REPLACEMENTS ON THE...Ch. 18 - DISPOSITION OF ASSETS: JOURNALIZING Mayer Delivery...Ch. 18 - DEPLETION: CALCULATING AND JOURNALIZING Mining...Ch. 18 - Prob. 13SPBCh. 18 - Prob. 1MYWCh. 18 - Creative Solutions purchased a patent from Russell...Ch. 18 - On April 1, 20-3, Kwik Kopy Printing purchased a...Ch. 18 - Prob. 1CP
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