A PROPERTY THAT IS SUBJECT TO A PARTIAL TAKING IN EMINENT DOMAIN HAS BEEN VALUED AT $60 PER SQUARE FOOT. THE PART THAT IS BEING TAKEN IS BEING USED TO EXPAND A TURN LANE AND NO DAMAGES ARE ANTICIPATED TO THE REMAINDER. THE PART TO BE TAKEN HAS BEEN MEASURED FROM THE NORTHWEST CORNER OF THE PROPERTY ON A RADIUS OF 50 FEET. THE TOTAL PROPERTY MEASURES 100' X 300'. WHAT IS THE COMPENSATION DUE THE OWNER AS A RESULT OF THIS TAKING? $1,800,000 $1,328,760 S471, 240 $117,810
A PROPERTY THAT IS SUBJECT TO A PARTIAL TAKING IN EMINENT DOMAIN HAS BEEN VALUED AT $60 PER SQUARE FOOT. THE PART THAT IS BEING TAKEN IS BEING USED TO EXPAND A TURN LANE AND NO DAMAGES ARE ANTICIPATED TO THE REMAINDER. THE PART TO BE TAKEN HAS BEEN MEASURED FROM THE NORTHWEST CORNER OF THE PROPERTY ON A RADIUS OF 50 FEET. THE TOTAL PROPERTY MEASURES 100' X 300'. WHAT IS THE COMPENSATION DUE THE OWNER AS A RESULT OF THIS TAKING? $1,800,000 $1,328,760 S471, 240 $117,810
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 6CE
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A PROPERTY THAT IS SUBJECT TO A PARTIAL TAKING IN EMINENT DOMAIN HAS BEEN VALUED AT $60 PER SQUARE FOOT. THE PART THAT IS BEING TAKEN IS BEING USED TO EXPAND A TURN LANE AND NO DAMAGES ARE ANTICIPATED TO THE REMAINDER. THE PART TO BE TAKEN HAS BEEN MEASURED FROM THE NORTHWEST CORNER OF THE PROPERTY ON A RADIUS OF 50 FEET. THE TOTAL PROPERTY MEASURES 100' X 300'. WHAT IS THE COMPENSATION DUE THE OWNER AS A RESULT OF THIS TAKING? $1,800,000 $1,328,760 S471, 240 $117,810
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