Borges Ltd. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $85,000; real estate commissions, $5,100; delin

Q: Tri-City Ironworks Co. reported $65,500,000 for equipment and $33,415,000 for accumulated…

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: $200,000, Assume In-N-Out Burger acquired a tract of land for a restaurant site. It paid…

A: Given information : Purchase price = $200,000 Attorney fees = $7,500 Real estate transfer tax =…

Q: Identify which of the following expenditures is considered as a capital expenditure that must be…

A: Capital expenditures are those expense that are generates revenue in the future. These expense…

Q: the company paid $750,000 to buy a collection of asset. the asset had the following appraised…

A: The amount paid to buy collection of asset which is also called as basket purchase is to be…

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: Revson Corporation purchased land adjacent to its plant to improve access for trucks making…

A: As per IAS 16, Property, plant and equipment   Cost of purchased property consists of purchase price…

Q: Glenwood Industrial Gear, Inc. incurred the following costs associated with the purchase of a piece…

A: Capitalization cost of land includes demolition of an old building, Land preparation and leveling,…

Q: Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to…

A: Given information is: Teradene Corporation purchased land as a factory site and contracted with…

Q: MABUTINGEHEMPLO, Inc. obtained a land with an old building, that will be accounted for under…

A: Solution: As old building is unusable and same is to be demolished, therefore demolition costs would…

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: Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of…

A: Impairment loss is occurred when the fair value of asset is less than the carrying value of an…

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…

Q: Roberto Company purchased a P4,000,000 tract of land as an investment property. The entity razed an…

A: Purchase of land: Purchase of land means acquiring the land or any part of land for carrying out the…

Q: 3. Shane Corporation purchased for $450,000 a tract of land on which was located a warehouse and an…

A: Solution:   Current Assessed valuation Allocated Transaction value Land $100,000.00 $112,500.00…

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: During 2018, a new office building was acquired at a total cost of $723,000. Of this total, it is…

A: (1) As the asset belongs to class 1 it gives a 4% rate of CCA.  The net cost of the building is…

Q: Farah Corporation purchased land adjacent to its plant to improve access for trucks making…

A: Cost of Land refers to the worth of a piece of property, which includes values such as the value of…

Q: What value should be assigned to the tract of land? $Answer  What value should be assigned to the…

A: Cost assignment refers to the process which is used by the company to allocate the cost of product…

Q: On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for…

A: Land and Building are fixed assets however the treatment of both with regard to depreciation is…

Q: COMPASSION Company incurred the following costs at the beginning of the current year: Cost of land…

A: Tangible assets can be defined as the asset that has a monetary value and has a physical form. These…

Q: COMPASSION Company incurred the following costs at the beginning of the current year: Cost of land…

A: According to the policy, we are supposed to solve one question at a time. Kindly repost the further…

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: What cost should be assigned to the land, buildings, and equipment, respectively? a. $64,000,…

A: Cost allocation refers to the process which is used by the company to allocate the cost of product…

Q: Use the following information for the next two questions: In 20x1, BUCOLIC RURAL Co. acquired land…

A: Non- current assets (NCA) - Assets which are not expected to be sold within 1 year and whose…

Q: A company purchased property for a building site. The costs associated with the property were:…

A: Solution: Cost of Land will include all of the costs which makes the land to be ready for building.…

Q: Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of…

A: Given, Amount paid for acquiring and = $200,000 Amount paid for an appraisal = $20,000 Land cost =…

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: Merchant Company purchased property for a building site. The costs associated with the property…

A: Cost of asset includes all those expenses which are incurred to made the asset ready to use.

Q: D. Theresa Company purchased for P4,500,000 a tract of land as a factory site. An old building was…

A: The actual costs of purchasing, installation, and commissioning assets are referred to as the cost…

Q: Cost of a Fixed Asset Borges Inc. recently purchased land to use for the construction of fts new…

A: Solution: Cost of land = Purchase price + Real estate commissions + Delinquent property taxes +…

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

A: Calculation of Total Cash Expended :

Q: Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: At the beginning of the current year, Nili company purchased a coal mine for 30,000,000.  Removable…

A: The depletion expense is charged on coal mine as reduction in value of mine with coal removed.

Q: Use the following information for the next two questions: In 20x1, BUCOLIC RURAL Co. acquired land…

A: The natural resources are reported on their costs or the acquisition price for them.

Q: Garrett Corporation paid $300,000 to acquire land, buildings, and equipment. At the time of…

A: 1. Formulas:

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: Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to…

A: Current asset is a short-term purpose assets which we usually purchased for one year, that is,…

Q: urchased a parcel of land as a factory site (unusable) for P320,000. An old building on the property…

A: Cost  of new building   Demolition of old building 21000 Architect's fee 31700 Construction…

Q: Simons Company purchased land to build a new factory. The following expenditures were made in…

A: Plant asset:

Q: Holly, Incorporated has a building that originally cost $460,000. Holly expects to be able to sell…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: Required: 1. What cost should the company assign to the land, buildings, and equipment,…

A:

Q: DEF Co. purchased a lot for ₱8,000,000. Immediately after the purchase, DEF Co. started the…

A: The capitalized cost of land will be equal to the initial cost of land i.e. the acquisition price…