ABC Co. acquired land, buildings, and equipment from XYZ Co. at a lump-sum price of P1,800,000. ABC Co. paid P120,000 for the appraisal of the assets, which revealed these values: Land:P1,200,000 Buildings: P800,000 Equipment:P400,000 What cost should be assigned to the land? *   P640,000 P900,000 P960,000 P1,200,000 answer not given

Q: Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price,…

A: Based on the fair value of the land building as required in one we divided the cost in ratio of fair…

Q: Gamjatang Inc. acquired a land and an old unusable building for P7,500,000. Gamjatang contracted…

A: The question is related to ascertainment of cost of acquisition of Property, Plant and Equipment.…

Q: The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: Total cost  to be assigned = P20,000,000 + P240,000 Total cost  to be assigned = P20,240,000

Q: Johnson acquired for a lumpsum price of P6,000,000 a piece of land and the building on it. The land…

A: Johnson acquired a piece of land and building = P6000000 Fair value of land = $4200000 Building =…

Q: Old Room Co. purchased land and building for a lump-sum price of ₱48,000,000. The existing building…

A: The question is multiple choice question and is relted to costs that would be charged as an expenses…

Q: On January 1, 20x1, NURTURE REAR Co. acquired a building with an estimated useful life of 10 years…

A: Given information, Original cost =P4,000,000 Residual value =P400,000 Estimated useful life =10…

Q: In 20X6, Hat Corporation exchanged an apartment complex in Dallas (purchased in 20X2; cost $540,000;…

A: GIVEN   In 20X6, Hat Corporation exchanged an apartment complex in Dallas (purchased in 10 * 2 cost…

Q: PUP CAF Mining Company purchased a tract of land containing mineral resources for P54,000,000. The…

A: Particulars Amount Acquisition cost P54,000,000 Restoration and geological survey costs…

Q: Atchison Corporation purchased equipment, a building, and land for $1,000,000 ($200,000 in cash and…

A: Allocation of Purchase Price Appraised Value Percentage of Total Appraised Value Total Cost of…

Q: The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: Total cost to be assigned = P20,000,000 + P240,000 Total cost to be assigned = P20,240,000

Q: Uy Company acquired a tract of land on which was located an office building, a warehouse, and…

A: A lump-sum payment is a total amount that is paid by the buyer to the seller for the acquired…

Q: ABC Company acquired a property for speculation purposes with the intention of selling it at a…

A: When an asset satisfies the criteria of an investment property, it is first recorded as a capital…

Q: Kalibo Company purchased a residential unit for 3,000,000 and transferred ownership to its…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: II. Broncos Corporation acquired the following assets associated with a manufacturing facility for a…

A: Solution II Lumpsum price = $9,000,000 Aggregate of standalone prices = $4,000,000 + $2,000,000 +…

Q: Perry Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: lumpsum price including                                                       appraisal cost  is  $…

Q: San Jose Realty Corporation acquired a tract of land on January 1, 2020 for P20 million. Transaction…

A: San Jose Realty Corporation Acquired a tract of land on Jan 1, 2020, for P20 million Transaction…

Q: Old Room Co. purchased land and building for a lump-sum price of ₱48,000,000. The existing building…

A: The allocated cost of land and the new building is calculated as follows:

Q: Gamjatang Inc. acquired a land and an old unusable building for P7,500,000. Gamjatang contracted…

A: Cost of Land = Purchase price + Cost incurred to demolish old building - Proceeds from Scrap…

Q: Johnson acquired for a lumpsum price of P6,000,000 a piece of land and the building on it. The land…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: Old Room Co. purchased land and building for a lump-sum price of ₱48,000,000. The existing building…

A: In the given question based on the nature of expenditure we need to allocate the capital expenditure…

Q: Knight Company made the following acquisitions during the year Purchased for P5,400,000 , excluding…

A: SOLUTION- LAND IS A NON CURRENT TANGIBLE FIXED ASSETS WHICH REPRESENTS THE REAL ESTATE OWNED BY THE…

Q: Cassidy Inc. acquired land, buildings, and equipment from a bankrupt competitor at a lump-sum price…

A: Introduction: In many businesses, property, plant, and equipment (also known as fixed assets or…

Q: Air Indah Bhd purchases a landed property at a cost of RM 200,000,000. In the sale and purchases…

A: Investment Property is the property held to either to earn rentals or capital appreciation or both.…

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: All fixed assets in the business should be capitalised. Total costs incurred on acquisition and…

Q: In 20X4, ABC Mining Inc. purchased land for P5,600,000 that had a natural resource supply estimated…

A: Depletion is a method of cost allocation of for extraction of natural resources such as oils and…

Q: Sanders Corporation acquired a furnished office building on two acres of land for a lump-sum payment…

A: The cost can be allocated on the basis of the following formula = Lumsum amount  / Total fair value…

Q: Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price,…

A: 1.

Q: Health Co. purchased land and building at a lump-sum price of P6,000,000. After the acquisition,…

A: Introduction: An acquisition is a situation in which a firm buys a major proportion of shares of…

Q: ABC Co. acquired land, buildings, and equipment from XYZ Co. at a lump-sum price of P1,800,000. ABC…

A: Answer Lum- sum price = P1,800,000 appraisal = P120,000

Q: Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price,…

A: Land is the non-current asset that is usually held by the entity for using the same to run its…

Q: The Wally Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: Land           60,000 Building        200,000 Equipment        140,000 Total Assets Value…

Q: Gamjatang Inc. acquired a land and an old unusable building for P7,500,000. Gamjatang contracted…

A: Cost of Land = Purchase price + Cost incurred to demolish old building - Proceeds from Scrap…

Q: GGG Company purchased a tract of land for P12,000,000. The entity incurred additional cost of…

A: Cost allocation is based on the total sales value. The relative share can be calculated by dividing…

Q: cost of land

A: Definition: Fixed asset: Long term tangible assets used in the organization's operations for…

Q: Purchased for P5,500,000, including appraiser fee of P100,000´a warehouse building and the land on…

A: Journal entry: A journal entry is a record of the business transactions within the accounting books…

Q: How much is the loss on the retirement of the old building? b. What would be the capitalized cost…

A: Depreciation is an accounting method where a fund is kept aside so that once the asset becomes…

Q: ABC purchased a plant, including land, building and machinery, for P110,000. These items were…

A: Total appraisal value of assets = Land + building + machinery = P30000+45000+75000 = P150,000

Q: ABC acquired for a lumpsum price of P6,000,000 a piece of land and the building on it. The land and…

A: A capitalized cost is treated as an expense for a company that is shown in the cost basis of a long…

Q: Sunset Co. Acquired land with old building for 6,000,000. After the acquisition, Sunset Co.…

A: Calculation of Total Cash Expended :

Q: UP CAF Company acquired a property for speculation purposes with the intention of selling it at a…

A: Investment property should be recognized in the books of accounts at amount which is spent to…

Q: Asura Co. purchased land and building for a lump-sum price of P48,000,000. The existing building…

A: Lump-sum purchase: - Lump-sum purchase occurs when different assets or a group of assets are…

Q: Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price,…

A: Fixed assets are the long-term assets that are used by the firm in the manufacturing of goods and…

Q: Blackpink Company purchased land with a building on it, for P2,280,000. It was reliably determined…

A: Here while analyzing the data it is understand that there is the purchase of land and building and…

Q: Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price,…

A: 1. Value to be capitalized: Purchase Price $3,000,000 Title Insurance $23,000 Add: Legal fees…

Q: Samyang Inc. acquired a land and an old unusable building for P7,500,000. Samyang contracted Busan…

A: Cost of Land = Purchase price + Cost incurred to demolish old building - Proceeds from Scrap…

Q: ABC acquired for a lumpsum price of P6,000,000 a piece of land and the building on it. The land and…

A: The following calculations are done for ABC Company.

Q: E10-7 Lump-Sum Purchase Garrett Corporation paid $200,000 to acquire land, buildings, and equipment.…

A: Total cost allocated for land , buildings and equipment : = $ 200000 + $ 20000 = $ 220000 Appraisal…

Q: Elirie Company, bought a 10-hectare land for P5,850,000 to be improved, subdivided into lots and…

A: cost of land purchased = cost of purchase and cost incurred for improvement = P5850000 + P80000  =…

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: The costs incurred to make the land available for use is included in the cost of land.

Q: On October 1, 20X3, Builder Company has a building with a cost of P4,000,000 and accumulated…

A: NC assets held for sale are recognized at FV less cost to sell and any difference between the fair…