Shaun Pollok purchased a car wash for $480,000. If purchased separately, the land would have cost $120,000, the building $270,000, and the equipment $210,000. Determine the amount that should be recorded in the new business’s records for land, building, and equipment.

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: On March 1, 2020, Pina Colada Corp. acquired real estate on which it planned to construct a small…

A: THE COST OF LAND INCLUDES THE COST OF LAND , COST OF ALL EXPENSES RELATED TO THE PREPARATIONS OF THE…

Q: Jada Company had the following transactions during the year: • Purchased a machine for $500,000…

A: Capitalized Cost: Capitalized cost is an expense that is added to the cost basis of fixed assets on…

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

A:

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…

Q: March 1, 2020, Swifty Company acquired real estate on which it planned to construct a small office…

A: Real estate  broker fees and architect fees and cost incurred  to put in driveways and parking lot…

Q: On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his…

A: Depreciation= Cost*MACRS rate

Q: A property is purchased for $600,000 and sold for $900,000. Which of the following statements is…

A: The capital gain is the difference between the sale value and the adjusted basis.

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

A: Particulars Amount Purchase price of the land $130,000 Add: legal fees paid for contract to…

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: 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: 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: Karl bought a building and the land on which it is located for $186,100 cash. The land is estimated…

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

Q: Sheffield Landscaping began construction of a new plant on December 1,2020. On this date, the…

A: An asset is not just valued at the amount paid to acquire it but all the expenses that incur with…

Q: The following cases are independent. Case A  Starling Ltd. bought a building for $1,270,000. Before…

A: Building and land are fixed assets. These fixed assets have useful life longer than 12 months. Land…

Q: On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his…

A: The question is based on the concept of Depreciation Accounting.

Q: On March 1, K Company purchased for 4,500,000 a tract of land as factory site. An existing building…

A: Cost of factory building=Cost of razing old building+Architect fee+New building construction…

Q: The following payments and receipts are related to land, land improvements, and buildings acquired…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    Item  Land  land improvements  Building…

Q: Prepare the journal entry for Cornett to record the receipt of the land.

A: 1. As Grant is received in the form of land.  So, land account will be debited instead of cash…

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: 2) Thompson Glacier Limited purchased a tract of land and contracted with a commercial developer to…

A: Trees and Shrubs , lighting around the parking area , pavement of parking lot , security fence are…

Q: A company purchased a track of land with the intent to use the land to put a new building. However,…

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

Q: On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his…

A: Depreciation expense Year 1 8084 Year 2 38,633 Year 3 38,633

Q: Land and a hotel building were acquired for $14,500,000. The owner paid $7,000,000 in cash and…

A: The journal entry for purchasing the assets is recorded by debiting the assets account and crediting…

Q: On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his…

A: Depreciation: Generally speaking, the word "depreciation" refers to an accounting process that is…

Q: A company purchased land for $350000 cash. The real estate brokers' commission was $15000 and $61000…

A: The cost of land includes all the expenses that make the land ready to use. It includes expenses…

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: Magical Manufacturing Company purchased land, a building, and some vehicles on January 7, 2021, for…

A: In case of assets purchased together i.e. multiple assets at a single price, then cost of each asset…

Q: Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making…

A: The cost of acquiring land include all cost which are incurred for acquiring land like purchase…

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: On January 1, 2021, LMT Inc. acquired a piece of land to construct a new office building. You have…

A: Depreciation is the lessening in the worth of asset due to its use in the firm, obsolescence or…

Q: Some of the following items should be treated as capital and some as revenue. Carriage paid to bring…

A: Capital Expenditure- It is the expenditure that is incurred for purchasing of assets or for the…

Q: On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his…

A: Depreciation: Generally speaking, the word "depreciation" refers to an accounting process that is…

Q: Laramie Corporation has acquired a property that included both land and a building for​ $590,000.…

A: Market value of the total assets  = (Market value of land + market value of building) = ( $350000 +…

Q: On March 1, 2021, Sage Hill Company acquired real estate on which it planned to construct a small…

A: Architects  and driveways and a parking lot are not part of cost of land.

Q: The following payments and receipts are related to land, land improvements, and buildings acquired…

A: Cost of real estate acquired as plant side: Land and Building 285,000 + 55000 340,000

Q: Assume that in January 20X6, a Hotcake House restaurant purchased a building, paying $57,000 cash…

A: Income statement forms a part of financial statements of company and is prepared to ascertain the…

Q: On July 1, 2022, Kim Seok-jin Company purchased a machinery from a dealer paying P2,310,000 cash. In…

A: The historical cost of the machinery include purchase cost & all expenses incurred like freight,…

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: 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: Johnson, Incorporated had the following transactions during the year: Purchased a building for…

A: Cost is capitalized if it adds value to the asset. The normal expenses done for the maintenance of…

Q: Use the following information for the next two (2) questions: On April 1, 2022, Pacific Corporation…

A: Purchase price is allocated among the various acquired assets based on their fair market values. If…

Q: Grieg Landscaping began construction of a new plant on December 1, 2020. On this date, the company…

A:

Q: n January 1, 2021, LMT Inc. acquired a piece of land to construct a new office building. You have…

A: Step 1 Depreciation is the written down in the value of the assets.