SportsWorld purchased property for $100,000. The property included a building, parking lot, and land. The building was appraised at $65,000; the land at $40,000; and the parking lot at $10,000. To the nearest dollar, the value of the land to be recorded in the books should be Multiple Choice $34,783 $36,364 $40,000 $48,696
5 Part Question:
SportsWorld purchased property for $100,000. The property included a building, parking lot, and land. The building was appraised at $65,000; the land at $40,000; and the parking lot at $10,000. To the nearest dollar, the value of the land to be recorded in the books should be
Multiple Choice
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$34,783
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$36,364
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$40,000
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$48,696
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$56,522
SportsWorld paid $140,000 for a property. The property included land appraised at $67,500, land improvements appraised at $25,000, and a building appraised at $55,500. What should be the allocation of costs in the accounting records (round calculations to 3 decimals)?
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Land $62,000; land improvements, $23,000; building, $45,000
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Land $63,840; land improvements, $23,660; building, $52,500
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Land $87,500; land improvements; $35,000; building; $52,500
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Land $79,500; land improvements, $32,600; building, $47,700
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Land $62,000; land improvements, $23,800; building, $46,200
SportsWorld bought a new display case for $12,000 and was given a trade-in of $2,000 on an old display case. The old case had an original cost of $7,000 and
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$10,500
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$11,700
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$11,500
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$12,000
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$10,000
SportsWorld uses straight-line depreciation for a piece of equipment that cost $12,000, had a trade-in value of $2,000, and a five-year service life. At the end of the third year, the trade-in value was revised to $1,200 and the useful life increased to a total of 6 years. Calculate the amount of depreciation expense for each of the remaining years of the asset's useful life.
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$1,000
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$2,160
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$1,600
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$1,800
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$1,467
At the end of the year, SportsWorld completed an asset impairment test and noted that a piece of equipment, with a book value of 12,000, has a recoverable value of $2,000. Calculate the amount of impairment loss on the equipment.
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$14,800
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$2,000
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$10,000
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$12,800
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$2,160
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