Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?

Q: Prince company had bought $5,400,000, and additional realtor's fee of $50,000 an office building and…

A: When the assets are acquired in lump sum amount, then the same is apportionment in the ratio of…

Q: What is the amount of the gain or loss on this transaction?

A: Depreciation - This is the Method to Expense for using the asset during the period for the business…

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and…

A: Cost of land = Cash payment + Notes value + Legal fee + Taxes + Fee to remove building - Salvage…

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: Perlman Land Development, Inc. purchased land for$70,000 and spent $30,000 developing it. It then…

A:

Q: Jorgea Company sold office equipment that had a book value of $12,000 for $16,000. The office…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On March 27 of the current year, Tyler Text Inc., a greeting card manufacturer, place a new building…

A: Depreciation is the amount deducted and shown as expense from the asset over the useful life of the…

Q: Previn Brothers Inc. purchased a piece of land at a cost of $ 27,000. Closing costs were $ 1,400. An…

A: Information Provided: Cost of piece of land = $27,000 Closing costs = $1400 Removal costs = $10,200

Q: At what amount will the office building be shown in Tibet’s statement of financial position as at 31…

A: Depreciation as per straight line method = (Original Cost - Residual Value) / Useful Life

Q: Barney Stinson purchased land and a building for his new men’s clothing store. The price paid was…

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

Q: 7. During the current year, Alanna Co. had the following transactions pertaining to its new office…

A: Different transactions of a business are given, we have to compute the value of building and land to…

Q: On Jan. 1, Town Company purchased for P5,400,000, including appraiser fee of P50,000, a warehouse…

A: The initial measurement of the land and warehouse building will be total cost of acquisition…

Q: A company purchased land for R.O.70,000 cash. Real estate brokers' commission was R.O.5,000 and…

A: Given information is: Purchase price of land = 70,000 Broker's Commission = 5000 Cost of demolishing…

Q: Blossom Company purchased real estate for $1,165,000, which included $6,200 in legal fees. It paid…

A: The procedure of entering business transactions for the first time in the books of accounts is known…

Q: Alpine Clothing purchased land, paying $125,000 cash and signing a $270,000 note payable. In…

A:

Q: During the current year, Dimasalang Company had the following transactions pertaining to the new…

A: The balance sheet shows the financial position of the company including the assets, liabilities, and…

Q: Carlos Company bought a land, on which there was an old building, for $900,000. They immediately had…

A: The cost that are incurred to acquire an asset and then any expense that are incurred to bring asset…

Q: On March 1, 2016, Beldon Corporation purchased land as a factory site for $60,000. An old building…

A: Plant Assets:Plant assets refer to the fixed assets, having a useful life of more than a year that…

Q: A company paid $150,000, plus a 7% commission and $5,000 in closing costs for a property. The…

A: Property Cost = $150,000 + ($150,000*7%) +$5,000  Property Cost = $150,000+ $10500+$5000= $165500…

Q: DAFFODIL Company had the following transactions pertaining to its new office building: Purchase…

A: The asset is considered as an investment that an investor made in land, stock or something that…

Q: Piper’s Pizza sold baking equipment for $25,000. The equipment was originally purchased for $72,000,…

A: Given information is: Sale Revenue of Equipment = $25,000 Original cost of Equipment = $72,000…

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

A: Non-current assets: Non-current assets are the assets purchased not the purpose of resale. It's…

Q: A 33 unit apartment building is purchased for $3.73 million. In addition, the purchaser paid $28,000…

A: Depreciation:-It is the expenses that occur due to the normal wear and tear of an asset and the…

Q: At the beginning of the current year, EZE Company reported land P3,200,000 and building P7,500,000.…

A: Explanation: The total cost of the building include the following: Beginning Balance of the Building…

Q: On April 1, Proton Corporation purchased for P855,000 a tract of land on which was located a…

A: Fixed assets are assets that are purchased for a lengthy period of time and are unlikely to be…

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: On April 1, Nadia Corporation purchased for £171,000 a tract of land on which was located a…

A: Amount recorded for the Land = Purchase price of land x Current assessed valuation of Land / Total…

Q: At the start of the year, the opening balances of Land and Building of Bing Company were P2,200,000…

A: Opening balance of land = P2,200,000 land purchased = P1,000,000 Real estate agent charges =…

Q: mpany purchased a property for 100,000. The property included a building, a parking lot, and land.…

A: Property, plant, and equipment consists of land, buildings, leasehold improvements, and equipment,…

Q: On January 1, Mitzu Co. pays a lump-sum amount of $2,600,000 for land, Bullding 1. Bullding 2. and…

A: Apportionment of cost refers to the distribution of cost to the department in the ratio of various…

Q: Read each problem carefully and choose the CORRECT answer among the choices. PROBLEM: At the start…

A: Opening balance of land = P2,200,000 land purchased = P1,600,000 Real estate agent charges =…

Q: A company purchased property for $100,000. The property included a building, a parking lot, and…

A: Allocated  cost of asset = Purchase cost / Total appraised cost * Appraised value of asset

Q: DAFFODIL Company had the following transactions pertaining to its new office building: Purchase…

A: Capital expenditure and Revenue expenditure are two type of expenditure in business. Capital…

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…

Q: Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new…

A: 1. Land - Land is non depreciable Assets of the organization. Company purchase it to develop…

Q: A company purchased land for $76,000 cash. Commissions of $5,000, property taxes of $5,500, and…

A: The question is based on the concept of Business transaction analysis.

Q: In December 20x8, the Ayala Co. purchased land for P300,000. The land was held until December 20x9,…

A: Land is a very important fixed asset in business on which depreciation is not charged. It means its…

Q: Worthington, Inc., paid $90,000 to acquire land, land improvements, and a building. The company…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: A company paid $150,000, plus a 6% commission, and $4,000 in closing costs for a property. The…

A: Property, Plant, and Equipment or PP&E is a classification shown on a balance sheet. It normally…

Q: . What amount should be reported as cost of land? 2. What amount should be reported as cost of…

A: A. Value of the Land: Particulars Amount Purchase price of the land $60,000 Add: legal fees…

Q: At the beginning of the current year, EZE Company reported land P3,200,000 and building P7,500,000.…

A: Property, plant and equipment is the non current assets that is reported in the balance sheet of the…

Q: A company purchased land for $91300 cash. Real estate brokers' commission was $6000 and $7000 was…

A: Historical cost principle: According to the principle of historical cost, the cost incurred to…

Q: Keaubie Co. sold office equipment that originally cost $15,000, for $2,500 cash. The equipment had…

A: $ Original cost of machinery $15000 less: Accumulated depreciation $10000…

Q: On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building…

A: Asset:   It refers to the resources owned by a business at a particular point in time. Assets can be…

Q: Noon Co. acquired land and building for 10,000,000. Noon Co. also made the following expedintures.…

A: (a) The following costs have been incurred,   (b)

Q: OmanOil purchased land for RO 70,000 cash. Real estate brokers' commission was RO 17,000 and RO…

A: For the first question the land will be recorded at the cost incurred while purchasing it. Hence,…