Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300, broker commission $1,530, paving of parking lot $10,000, gardening $1,500, closing costs $560, and a salvage value of lumber of shed $120. Unilever will record the acquisition cost of the land as:

Q: urchased land costs 2,500,000 and a Bank transfer is made. The cost of excavation of the old…

A:

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…

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A: We have the following information: Purchase price: $55,000 Broker’s fees: $6,000 Title search and…

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A: The asset is valued at the total cost incurred to bring the asset for being ready to use.

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A: All fixed assets in the business should be capitalized with purchase cost and all other direct costs…

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: [The following Information applies to the questions displayed below.] On January 1, Mitzu Company…

A: The lump sum price paid to acquire various assets can be apportioned on the basis of their fair…

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

A: Cost of Land = Purchase Price of Land + Legal Fees + Demolition of Old Building - Sale of scrap from…

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: On March 1, 2020, Swifty Corporation acquired real estate on which it planned to construct a small…

A: given that, question is specifically asked about the cost of land, not land and building.   amount…

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: At the beginning of current year, Peach Company purchased a machine for P7,000,000 and received a…

A: Journal entries are the set of economic events that can be measurable in monetary terms. They need…

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

A: Answer A: So, Alanna Co. should record the land in the books for $126,000.

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: 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: On March 1, 2022, Crane Company acquired real estate, on which it planned to construct a small…

A: Cost of land = Purchase price  + Cost to demolish warehouse - sale of salvage material + Attorney′s…

Q: Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was…

A: Initial value of land and buildings shall be allocated based on their proportion of fair values.

Q: the company paid $500,000 to purchase the following: a building with an appraised valued of $200,000…

A: Formulas:   Calculate the apportioned cost as follows:

Q: Vaughn Company purchased a machine on July 1, 2021, for $32,200. Vaughn paid $230 in title fees and…

A: DEPRECIATION BASE IS THE AMOUNT OF A FIXED ASSET'S COST THAT CAN BE DEPRECIATED OVER TIME . THE…

Q: On January 1, 2018, the Blackstone Corporation purchased a tract of land (site number 11) with a…

A: Requirement 1:

Q: Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was…

A: Property, Plant, and Equipment:  Property, Plant, and Equipment refers to the fixed assets, having a…

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: On January 1, ProTech Co. pays a lump-sum amount of $1,550,000 for land, Building A, Building B, and…

A:

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: 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: 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: 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.

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A: Allocation of cost of a lump-sum payment is based on the proportion of assets

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

Q: Cominsky Company purchased a machine on July 1, 2018, for $28,000. Cominsky paid $200 in title fees…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

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

A: Fixed assets are the long-term assets that are used by the firm in the manufacturing of goods and…

Q: XYZ Company had the following transactions pertaining to its new office building: Purchase price of…

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

Q: Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase…

A:

Q: Cala Manufacturing purchases land for $297,000 as part of its plans to build a new plant. The…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a…

A: Capitalizes Interest: It is the interest cost of borrowing to acquire or construct a long-term asset…

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A: 1. Formulas:

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: On March 1, 2022, Wildhorse Company acquired real estate, on which it planned to construct a small…

A: Introduction:- Calculation of the amount to be reported as the cost of the land as follows:- Basic…

Q: Garrett paid $20,000 for an appraisal, which revealed the following values: land, $100,000;…

A: In the above questions we have asked to pass journal entries on revaluation of property,plant and…

Q: On March 1, 2019, Westmorlan Company acquired real estate on which it planned to construct a small…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

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

A: Plant asset:

Q: On April 1, 20x1, ESCULENT EDIBLE Co. purchased land and building by paying ₱40,000,000 and assuming…

A: The total amount paid for purchasing the land and building is allocated based on their fair value.…

Q: Shaun Pollok purchased a car wash for $480,000. If purchased separately, the land would have cost…

A: Separate  value of asset = Actual value / Overall cost of all asset  * Estimated cost of asset

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…

Q: On March 1, 2022, Sunland Company acquired real estate, on which it planned to construct a small…

A: The financial accounting term cost of the land refers to the asset valuation method that applies to…