Oriole Company acquires land for $77000 cash. Additional costs are as follows. Removal of shed $400 Filling and grading 1300 Salvage value of lumber of shed 200 Broker commission 1310 Paving of parking lot 10000 Closing costs 520 Oriole will record the acquisition cost of the land as

Q: Ramirez Company made the following payments related to a land acquisition: Purchase price $7,500…

A: Items to be included in Capitalizable cost of land :-  Purchase price  Past due taxes Title search…

Q: Sunland Company acquires land for $280000 cash. Additional costs are as follow. Removal of shed…

A: Acquisition cost : It is the total cost which contains the purchase price of the assets and charges…

Q: A company purchased land and building from a seller for $900,000. A separate appraisal reveals the…

A: Formula: Land would be recorded at  =[ total amount paid × appraisal value of land/total appraisal…

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

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000…

A: Particulars Amount Cash paid RO 102,000 Add: cost of leveling land 1,600         Brokerage…

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: AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000…

A: Particulars Amount Cash paid RO 102,000 Add: cost of leveling land 1,600…

Q: On February 3, Heidel Co. paid $750,000, check #2050 to buy the plant assets of Rogers Company that…

A: Percent of total appraised value = (Appraised value of asset / Total Appraised value of all…

Q: Torikatsu Company purchased a machine for P 100,000; current accumulated depreciation totals P…

A: Sunk Costs are costs that are have already been incurred (i.e., Historical Cost). These costs does…

Q: Excellent Company purchased a plant, including land, building and machinery, for P 110,000. These…

A: Total appraised value  = appraised value of land + appraised value building + appraised value…

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: A company purchased land for $96800 cash. The real estate brokers' commission was $3700 and $7500…

A: The historical cost principle states that some assets need to be stated at their historical cost…

Q: Inc paid $950,000 for a basket purchase that included office furniture, a building, and land. An…

A: Total appraised values = office furniture + Building + Land = $190,000 + $740,000 + $132,000 =…

Q: 1 QUE Sunland Company acquires land for $85700 cash. Additional costs are as follows: Removal of…

A: “Hey, since there are multiple questions posted, we will answer only one question, as per our…

Q: AI Maha Company purchased equipment and had the following costs: Repairing of roof RO 14,750…

A: Cost of acquisition is the cost that an organization recognizes and records the value of an asset in…

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

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

Q: Carver Inc. purchased a bulkling and the land on which the bulldıng Is situated for a total cost of…

A: Answer --   Part B - Amount of Purchase cost to be allocated to Land and the amount to allocate the…

Q: M Company acquired a new machinery. The following data are available: List price of the machinery…

A: Total cost of an asset includes all such cost or expenditure which is required for the operation of…

Q: The Company intends to demolish the old building, to build a new building and will not use the old…

A: In the given case,  since the Company intends to demolish the old building, to build a new building…

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: Perez Company acquires an ore mine at a cost of $3,640,000. It incurs additional costs of $1,019,200…

A: Depletion is charged to natural resources as depreciation is charged to fixed assets.

Q: Soccer Wholesale purchased land and a warehouse for one price of $850,000. In addition to the…

A: cost of land = cost of land and warehouse purchased + brokers commission + title insurance +…

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

A:

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: On December 1, 2010, Hogan Co. purchased a tract of land as a factory site for $800,000. The old…

A: Additional costs=Cost to raze+Legal fee+Title=$70,000+$10,000+$16,000=$96,000

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: Josiah Co acquired a new machine. Details of the acquisition are as follows: Purchase price…

A: Acquisition of New Machinery While acquiring the machinery it will be added up certain cost which…

Q: For what amount will LAR record the range?

A: Recording the purchase of an asset is an important ledger entry as it show cases in the balance…

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

A: The journal entries are prepared to record the day to day transactions of the business.

Q: Keaubie Co. Purchased laying at a cost of 250,000 cash the property had a building on it that was…

A: Cost of land = Purchase price + Demolished cost - Proceeds from salvaged materials + Legal fees +…

Q: Mazaya Company acquires land for RO 96,000 cash. Additional costs are as follows Removal of shed RO…

A: Acquisition cost of land = Purchase price + Removal of shed costs Filling and grading - Salvage…

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

A: Calculation of Total Cash Expended :

Q: Jamela Company acquired a welding machine on account with an invoice price of P5,000,000 subject to…

A: Cost of asset includes the invoice price less any cash discount and all other costs which are…

Q: On December 1, 20120, Boyd Co. purchased a 400,000 tract of land for a factory site. Boyd razed an…

A: Introduction: The balance sheet is among the three basic financial statements that are required for…

Q: On 1/1/X2, Hudson Enterprises decided to sell equipment it had been using in its business for…

A: The depreciation is charged on asset so at to reduce the book value of fixed asset with passage of…

Q: Sheridan Company acquires land for $71000 cash. Additional costs are as follows. Removal of shed…

A: The cost of acquisition of land includes terms like Cash, Removal, Filling, Salvage, Broker…

Q: Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300,…

A: As per IAS 16 property plant and equipment. Cost of equipment includes all costs that are incurred…

Q: Carver Inc. purchased a building and the land on which the building is situated for a total cost of…

A: The accounting term is lump sum purchase. Lump Sum Purchase: When the assets are purchased or…

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

A: In the given case the company will recognise the construction cost of new building as an asset…

Q: During the current year, Marshall Construction trades an old crane that has a book value of $90,000…

A: a)Assuming that this exchange is considered to have commercial substance , prepare the journal…

Q: Auto purchased a $500,000 tract of land that is intended to be the site of a new office complex. The…

A: Land is the fixed asset for the company that is recorded in the balance sheet of the company.

Q: Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price…

A: Journal: Journal is considered as a book of original entries because all the transactions that have…

Q: Nagy Company makes a lump-sum purchase of several assets on January 1 at a total cash price of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: a. The Hope Company purchased a building for $500,000. In addition, the following costs were…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: During the current year, Marshall Construction trades an old crane that has a book value of $90,000…

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…