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On January 1, 2020, Marin Corporation purchased for $720,000 a tract of land (site number 101) with a building. Marin paid a real estate broker's commission of $51,840, legal fees of $8,640, and title guarantee insurance of $25,920. The closing statement indicated that the land value was $720,000 and the building value was $144,000. Shortly after acquisition, the building was razed at a cost of $77,760. Marin entered into a $4,320,000 fixed-price contract with Slatkin Builders, Inc. on March 1,...
On January 1, 2018, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $620,000. Additionally, Blackstone paid a real estate broker's commission of $38,000, legal fees of $7,000, and title insurance of $19,000. The closing statement indicated that the land value was $510,000 and the building value was $110,000. Shortly after acquisition, the building was razed at a cost of $77,000. Blackstone entered into a $3,200,000 fixed-price contract with Barnett Builders, Inc., on March...
Question 9 --/1 View Policies Current Attempt in Progress On January 1, 2020, Blue Corporation purchased for $620,000 a tract of land (site number 101) with a building. Blue paid a real estate broker's commission of $44,640, legal fees of $7,440, and title guarantee insurance of $22,320. The closing statement indicated that the land value was $620,000 and the building value was $124,000. Shortly after acquisition, the building was razed at a cost of $66,960. Blue entered into a $3,720,000...
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...
On January 1, 2020, Marigold Corporation purchased for $680.000 a tract of land (site number 101) with a building Marigold paid a real estate broker's commission of $48,960, legal fees of $8,160, and title guarantee insurance of $24.480. The dosing 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. Marigold entered into a $4,080,000 fixed-price contract with Slatkin Builders, Inc. on March 1,...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $630,000. Additionally, Blackstone paid a real estate broker's commission of $39,000, legal fees of $7,500, and title insurance of $19,500. The closing statement indicated that the land value was $515,000 and the building value was $115,000. Shortly after acquisition, the building was razed at a cost of $78,000. Blackstone entered into a $3,300,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Winds Corporation's statement of financial position had the following balances: Land $309,670 Buildings-Structure 882,700 Leasehold Improvements 704,910 Equipment 844,960 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,660 plus a fee of $6,670 to the real estate agent for finding the property. Costs of $33,210 were incurred to clear the land. In clearing the land, topsoil and gravel...