Blossom Company purchases land for $180000 cash. Blossom assumes $5900 in property taxes due on the land. The title and attorney fees totaled $1900. Blossom has the land graded for $4200. They paid $25000 for paving of a parking lot. What amount does Blossomrecord as the cost for the land?

Q: Lavallee Furniture purchased land, paying $75.000 cash and signing a $340,000 note payable. In…

A: Formulas: Cost of land = Price of land + Note payable + Property tax + Title insurance + Demolition…

Q: On October 1st, you purchased a residentialhome in which to locate your professional office…

A: a) The first question askes to find the depreciation expense for the first year that the person…

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A: Property is the part of long term asset. It can be an equipment, appliances, furniture, real-estate…

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A: Cost of asset is purchase price and all other costs required to make the asset ready to use As to…

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A: The installment method apportions the cash receipt between cost recovered and profit using the ratio…

Q: During the current year, Alanna Co. had the following transactions pertaining to its new office…

A: Cost of Land = Purchase Price of Land + Legal Fees + Demolition of Old Building - Sale of scrap from…

Q: Land with an assessed value of $750,000 for property tax purposes is acquired by a business for…

A: The cost principle is one of the accounting principles. It generally means that all required assets,…

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A: Historical cost of the building = Total Purchase cost for land and a building x fair value of the…

Q: Murphy Fumiture purchased land, paying $60,000 cash and signing a $290,000 note payable. In…

A: Cost of land = Cash paid + Note payable issued + Property tax + Title insurance + Level of land

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A: Here in this question we are required to prepare single entry for purchasing land its improvement…

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A:

Q: Silver Company purchased a machine for use in the business. The purchase price was $55,000 and the…

A: The cost related to an asset which is to be used by the company for a longer period of time is to be…

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A: This is a basket purchase so in this the fair value is used to allocate the purchase of group…

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A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: Mr. XYZ, is negotiating to buy a parcel of property for his business. The seller of the property is…

A: The prices to assign to a hard and fast quality square measure its purchase cost and any…

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A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: Sandhill Co. purchases land for $130000 cash. Sandhill assumes $5600 in property taxes due on the…

A: Amount to be recorded = Purchase Price of land + Taxes + Legal Costs + Grading Costs

Q: On October 1, you purchased a residential home in which lo locale your professional office for…

A: The given information: Price of the building is $150,000. Price of the land is $30,000.

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Q: Fubu Corporation purchased a 5-acre tract of land in New Albany, Ohio for a building site for…

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Q: Lopez acquired a building on June 1, 2014, for $9,829,900. Compute the depreciation deduction…

A: The rate of depreciation will be 3.636% on the total value of the asset on the straight-line method.…

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A: As posted multiple question we are answering only one question. Kindly repost the unanswered…

Q: On October 3, Kim Bailey paid $250,000 for a residential rental property. Thispurchase price…

A:

Q: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells…

A: Gain (Loss) on Sale of Equipment = Sale Consideration - (Cost - Accumulated Depreciation)

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A: The donation of an asset is recorded at a value at which it can be sold or purchased in the market.…

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A: Land cost includes   Purchase price (includes price paid for any old existing building that is to…

Q: Javier purchased a building, including the land it was on, to assemble his new equipment. The total…

A: SOLUTION DEPRECIATION  MEANS THE MONETARY VALUE OF AN ASSET DECREASE OVER TIME DUE TO USE , WEAR AND…

Q: Milloy Furniture purchased land, paying S85,000 cash and signing a $310,000 note payable. In…

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A: Modified Accelerated Cost Recovery System (MACRS):   MACRS is a current tax depreciation system…

Q: On October 7, 2020, Grace Gems purchased a basket of assets for the lump-sum price of $150,000. The…

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Q: Cala Manufacturing purchases land for $259,000 as part of its plans to build a new plant. The…

A: Cost of land=Purchase value+Tear down of old building+Cost of…

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Q: A company purchased a new forging machineto manufacture disks for airplane turbine engines.The new…

A: Depreciation refers to the fall in the book value of an asset each year. Depreciable amount is…

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A: The installment system or method is the first of many methods utilized under US GAAP to consider…

Q: f P2,500,000

A: The allocation cost is given as,

Q: Peter purchased a rental property in 2010 at a cost of $650,000 ($460,000 for the building and…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: The company purchased land for $150,000 cash. Commissions of $9,000, property taxes of $3,750, and…

A: Cost of the Land = Purchase costs + Commission + Property taxes paid by the company on behalf of the…

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A: Assets means the resources which is owned by business and used in business for earning profits.…

Q: Gain on Disposal

A: Concept of Cost Accounting

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A: General journal Debit Credit Land A/c  Dr($451,000 +$26,600 +$39,322 ) $516922   Land…

Q: Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase…

A:

Q: this question then demonstrate the use of the formulae in finding your answers.  A new machine was…

A: Depreciation is the process of subtracting the whole cost of an expensive item you purchased for…

Q: Mr. A sold his family home for P5,000,000. He bought the land for P1,000,000 and introduced…

A: calculation of capital gain are as follows

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A: Lets understand the basics. When purchasing land, cost is required to make it ready for its usage.…

Q: cash flow associated with the sale of the machine?

A: Cash Flow is the outcome of the invested sum in any asset. Here, the investment is in the purchase…

Q: During 2009, Argo Company sold 10 acres of prime commercial zoned land to a builder for $5,000,000.…

A: In instalment method, Cash received is calculated in context to the cost recovered and profit.

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A: Fixed Assets: It refers to the long-term assets having a useful life of more than a year which is,…

Q: McCoy’s Fish House purchases a tract of land and an existing building for $1,000,000. The company…

A: Asset costs reflect the monetary costs associated with the purchase, installation and commissioning…