Homework Answers
| 1 | Cost of Land | |||||||||
| $ | ||||||||||
| Acquisition cost | 620000 | |||||||||
| Broker's commission | 44640 | |||||||||
| Legal fees | 7440 | |||||||||
| Title insurance | 22320 | |||||||||
| Building razing cost | 66960 | |||||||||
| Total | 761360 | |||||||||
| 2 | Cost of Building | |||||||||
| $ | ||||||||||
| Fixed-price contract | 3720000 | |||||||||
| Plans, specifications, and blueprints | 26040 | |||||||||
| Architects’ fees | 101680 | |||||||||
| Interst capitalized in 2018 | (Note:1) | 134333 | ||||||||
| Interst capitalized in 2019 | (Note:1) | 176700 | ||||||||
| Total | 4158753 | |||||||||
| Note:1 | ||||||||||
| Interest to be capitalized=Accumulated building construction contract*Interest rate of loan taken for construction | ||||||||||
| 2018 | Interest to be capitalized=1612000*10%*10/12=$134333 | (For 10 months-Mar to Dec) | ||||||||
| 2019 | Interest to be capitalized=2356000*10%*9/12=$ 176700 | (For 9 months-Jan to Sep) | ||||||||
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Problem 10-5
On January 1, 2020, Sheridan Corporation purchased for $680,000 a
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and title guarantee insurance of $24,480. The closing statement
indicated that the land value was $680,000 and the building value
was $136,000. Shortly after acquisition, the building was razed at
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Problem 10-5
On January 1, 2020, Sheridan Corporation purchased for $680,000 a
tract of land (site number 101) with a building. Sheridan paid a
real estate broker’s commission of $48,960, legal fees of $8,160,
and title guarantee insurance of $24,480. The closing statement
indicated that the land value was $680,000 and the building value
was $136,000. Shortly after acquisition, the building was razed at
a cost of $73,440.
Sheridan entered into a $4,080,000 fixed-price contract with
Slatkin Builders, Inc. on...
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