Homework Answers
| Market value | Percentage of total | |
| Land | 500000 | 31.25% |
| Building | 900000 | 56.25% |
| Equipment | 200000 | 12.50% |
| Total | 1600000 | |
| Cost assigned to the Equipment | 100000 | =800000*12.50% |
| Option B $100,000 is correct |
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Question Help Land, a building and equipment are acquired for a lump sum of $800,000 The...
Land, a building and equipment are oured for a lump sum of $900,000. The market values of the land building and equ...
Land, a building and equipment are oured for a lump sum of $900,000. The market values of the land building and equipment are $400.000 5700.000 and $200.000, respectively. What is the c any intermediary calculations, and round your final a wer to the nearest dollar) a red to the Do not round OA 5000.000 OB. 50 OC 5138,462 OD. $200,000
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the...
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 35,000 Equipment 45,000 Bowie paid $65,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)
1.A company acquired an office building on three acres of land for a lump-sum price of...
1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent appraisals, the fair values were $1,840,000, $1,380,000, and $1,380,000 for the building, land, and equipment, respectively. At what amount would the company record the building? $1,860,000. None of these answer choices are correct. $1,160,000. $1,320,000. 2. A company purchased new equipment for $61,000. The company paid cash for the equipment. Other costs associated with the...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
Group Purchase – Lump Sum Purchase Price: Smith Co. paid $100,000 to acquire land, building, and...
Group Purchase – Lump Sum Purchase Price: Smith Co. paid $100,000 to acquire land, building, and equipment. At the time of the acquisition, appraisal values for the individual assets were determined as: land, $30,000; building, $60,000; and equipment, $30,000. What cost should be allocated to the land, building and equipment, respectively?
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of e...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
5 points Save Answe Cantor Corporation acquired a manufacturing facility on four acres of land for a lump sum price...
5 points Save Answe Cantor Corporation acquired a manufacturing facility on four acres of land for a lump sum price of $8.350.000. The building included used but functional equipment According to independent appraisals, the fair values were $3.420,000, 4560,000 and $3.420,000 for the building, land and equipment, respectively. The initial values of the building and and equipment would be Building Land $ 3.420.00 Equipment $ 4560,0 $ 3.420.00 3420 000 $570,00 $ 45600 00 2.505.00 $ 3.340.0 $ 2.505 None...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit 275625 Apr. 1 || land communication equipment cash 83125 350,000 To record purchase of land and communication equipment with cash. On January 1, 2010, a company purchased equipment for $38,840. The estimated useful life of the...
Rangers, Inc. purchased land, buildings and equipment at a lump-sum price of $1,000,000. An appraisal of...
Rangers, Inc. purchased land, buildings and equipment at a lump-sum price of $1,000,000. An appraisal of the assets at the time of acquisition disclosed the following values: Asset Cost Assigned to Asset Appraised Value $240,000 Land Buildings 600,000 Equipment 360,000 Provide the cost assigned to each asset in the space provided.
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Apr. 1 land 275625 communication equipment 83125 cash 350,000 To record purchase of land and communication equipment with cash.
Land, a building and equipment are oured for a lump sum of $900,000. The market values of the land building and equipment are $400.000 5700.000 and $200.000, respectively. What is the c any intermediary calculations, and round your final a wer to the nearest dollar) a red to the Do not round OA 5000.000 OB. 50 OC 5138,462 OD. $200,000
5 points Save Answe Cantor Corporation acquired a manufacturing facility on four acres of land for a lump sum price of $8.350.000. The building included used but functional equipment According to independent appraisals, the fair values were $3.420,000, 4560,000 and $3.420,000 for the building, land and equipment, respectively. The initial values of the building and and equipment would be Building Land $ 3.420.00 Equipment $ 4560,0 $ 3.420.00 3420 000 $570,00 $ 45600 00 2.505.00 $ 3.340.0 $ 2.505 None...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit 275625 Apr. 1 || land communication equipment cash 83125 350,000 To record purchase of land and communication equipment with cash. On January 1, 2010, a company purchased equipment for $38,840. The estimated useful life of the...
Rangers, Inc. purchased land, buildings and equipment at a lump-sum price of $1,000,000. An appraisal of the assets at the time of acquisition disclosed the following values: Asset Cost Assigned to Asset Appraised Value $240,000 Land Buildings 600,000 Equipment 360,000 Provide the cost assigned to each asset in the space provided.
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Apr. 1 land 275625 communication equipment 83125 cash 350,000 To record purchase of land and communication equipment with cash.
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