Homework Answers
| Proportion of total fair value | ||
| Building | 0.53432 | =72400/135500 |
| Land | 0.30701 | =41600/135500 |
| Machinery | 0.15867 | =21500/135500 |
| Asset Cost | ||
| Building | 67752 | =126800*0.53432 |
| Land | 38929 | =126800*0.30701 |
| Machinery | 20119 | =126800*0.15867 |
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Headland Carpets Inc. made a lump-sum purchase of several assets for a total price of $126,800....
Flounder Carpets Inc. made a lump-sum purchase of several assets for a total price of $127,500....
Flounder Carpets Inc. made a lump-sum purchase of several assets for a total price of $127,500. The assets purchased are as follows: Building Land Machinery Book Value Fair Value $57,200 $73,300 38,300 43,700 27,500 22,700 $123,000 $139,700 At what amount should each of the three assets be recorded? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Asset Cost Building $ Land 0 Machinery $
Stellar Carpets Inc. made a lump-sum purchase of several assets for a total price of $123,000....
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Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $534,600; land, $316,800; land improvements, $39,600; and four vehicles, $99,000. Allocate the lump-sum purchase price to the separate assets purchased. Appraised Value Percent of Total Appraised Value х Total cost of Acquisition Apportioned Cost % X Allocation of total cost Building Land Land improvements Vehicles Total % x х % %...
Headland Industries purchased the following assets and constructed a building as well. All this was done...
Headland Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $130,000 cash. The following information was gathered. Initial Cost on Description Seller's Books Machinery $130,000 Equipment 78,000 Depreciation to Date on Seller's Books $65,000 13,000 Book Value on Seller's Books Appraised Value $65,000 $117.000 65,000 39,000 Asset 3: This machine was acquired by making a $13.000 down...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $429,750; land, $248,300; land improvements, $47,750; and four vehicles, $229,200. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $29,000...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $534,600; land, $316,800; land improvements, $39,600; and four vehicles, $99,000. 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $492,900; land, $306,900; lond Improvements, $65,100; and four vehicles, $65,100. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2019, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. B Question 1 40 pts Complete the following table to allocate...
Timberly Construction negotiates a lump sum purchase of several assets from a company that is going...
Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017 at a total cash price of $800,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $444,000; land, $259,000 land improvements, $37,000, and four vehicles, $185,000. The company's fiscal year ends on December 31 Required: 1-a. Prepare a table to allocate the lump sum...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Flounder Carpets Inc. made a lump-sum purchase of several assets for a total price of $127,500. The assets purchased are as follows: Building Land Machinery Book Value Fair Value $57,200 $73,300 38,300 43,700 27,500 22,700 $123,000 $139,700 At what amount should each of the three assets be recorded? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Asset Cost Building $ Land 0 Machinery $
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $534,600; land, $316,800; land improvements, $39,600; and four vehicles, $99,000. Allocate the lump-sum purchase price to the separate assets purchased. Appraised Value Percent of Total Appraised Value х Total cost of Acquisition Apportioned Cost % X Allocation of total cost Building Land Land improvements Vehicles Total % x х % %...
Headland Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $130,000 cash. The following information was gathered. Initial Cost on Description Seller's Books Machinery $130,000 Equipment 78,000 Depreciation to Date on Seller's Books $65,000 13,000 Book Value on Seller's Books Appraised Value $65,000 $117.000 65,000 39,000 Asset 3: This machine was acquired by making a $13.000 down...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $810,000. The estimated market values of the purchased assets are building, $534,600; land, $316,800; land improvements, $39,600; and four vehicles, $99,000. 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage...
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $492,900; land, $306,900; lond Improvements, $65,100; and four vehicles, $65,100. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2019, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. B Question 1 40 pts Complete the following table to allocate...
Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017 at a total cash price of $800,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $444,000; land, $259,000 land improvements, $37,000, and four vehicles, $185,000. The company's fiscal year ends on December 31 Required: 1-a. Prepare a table to allocate the lump sum...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
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