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Bell Inc. (BI) purchased a group of assets together from one of its competitors whose owner...
Bell Inc. (BI) purchased a group of assets together from one of its competitors whose owner...
Bell Inc. (BI) purchased a group of assets together from one of its competitors whose owner had recently decided to retire and stop operations. BI paid $600,000 for land, building, equipment, and a patent. Independent appraisals had been completed on all assets prior to the sale. These appraisals indicated the following fair values for the assets: land $408,000; building $229,500; equipment $144,500, and patent $68,000. Required: Prepare the journal entry to record the purchase. (If no entry is required for...
Watson Company purchased assets of Holmes Ltd. at auction for $1,230,000. An independent appraisal of the...
Watson Company purchased assets of Holmes Ltd. at auction for $1,230,000. An independent appraisal of the fair value of the assets acquired is listed below: Land Building Equipment Inventories $272,000 340,000 544,000 Required: Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry for purchase of the assets. Note: Enter debits before...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 83,000 448,000 250,000 190,000 $(85, 120) (47, 600) (76, 000) Book Value $ 83,000 362, 880 202, 400 114,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year...
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347,490 for real estate...
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at S168,000, land improvements are appraised at $84,000, and a building is appraised at $168,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among...
E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2,...
E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2, 8-3 Zeidler Company bought a building and the land on which the building is located for a total cash price of $178,500. The company paid transfer costs of $2,100. Renovation costs on the building were $20,780. An independent appraiser provided market values for the land, $120,000, and building, $280,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) (The following information applies to the questions displayed below.) points The following information relates to the intangible assets of Lettuce Express: eBook Print a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,510,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,359,000. b. Included in the assets purchased from Farmers Produce...
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate...
Exercise 8-3 Lump-sum purchase of plant assets LO C1
Rodriguez Company pays $405,405 for real estate with land, land
improvements, and a building. Land is appraised at $192,000; land
improvements are appraised at $72,000; and a building is appraised
at $216,000.
Required:
1. Allocate the total cost among the three
assets.
2. Prepare the journal entry to record the
purchase.
Problem 8-6A Part 3
Record the sale of the used machine for $92,000 cash.
Record the insurance settlement received of...
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $84,000; and a building is appraised at $147,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Help Save & EX Check my Rodriguez Company pays $379,080 for real estate with land, land...
Help Save & EX Check my Rodriguez Company pays $379,080 for real estate with land, land improvements, and a building. Land is appraised at $270,000, land improvements are appraised at $54,000, and a building is appraised at $216,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 aces Allocate the total cost among the three...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $211,500; land improvements are appraised at $94,000; and a building is appraised at $164,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. ok Complete this question by entering your answers in the tabs below. nt ant Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned...
Bell Inc. (BI) purchased a group of assets together from one of its competitors whose owner had recently decided to retire and stop operations. BI paid $600,000 for land, building, equipment, and a patent. Independent appraisals had been completed on all assets prior to the sale. These appraisals indicated the following fair values for the assets: land $408,000; building $229,500; equipment $144,500, and patent $68,000. Required: Prepare the journal entry to record the purchase. (If no entry is required for...
Watson Company purchased assets of Holmes Ltd. at auction for $1,230,000. An independent appraisal of the fair value of the assets acquired is listed below: Land Building Equipment Inventories $272,000 340,000 544,000 Required: Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry for purchase of the assets. Note: Enter debits before...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 83,000 448,000 250,000 190,000 $(85, 120) (47, 600) (76, 000) Book Value $ 83,000 362, 880 202, 400 114,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year...
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at S168,000, land improvements are appraised at $84,000, and a building is appraised at $168,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among...
E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2, 8-3 Zeidler Company bought a building and the land on which the building is located for a total cash price of $178,500. The company paid transfer costs of $2,100. Renovation costs on the building were $20,780. An independent appraiser provided market values for the land, $120,000, and building, $280,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) (The following information applies to the questions displayed below.) points The following information relates to the intangible assets of Lettuce Express: eBook Print a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,510,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,359,000. b. Included in the assets purchased from Farmers Produce...
Exercise 8-3 Lump-sum purchase of plant assets LO C1
Rodriguez Company pays $405,405 for real estate with land, land
improvements, and a building. Land is appraised at $192,000; land
improvements are appraised at $72,000; and a building is appraised
at $216,000.
Required:
1. Allocate the total cost among the three
assets.
2. Prepare the journal entry to record the
purchase.
Problem 8-6A Part 3
Record the sale of the used machine for $92,000 cash.
Record the insurance settlement received of...
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $84,000; and a building is appraised at $147,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Help Save & EX Check my Rodriguez Company pays $379,080 for real estate with land, land improvements, and a building. Land is appraised at $270,000, land improvements are appraised at $54,000, and a building is appraised at $216,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 aces Allocate the total cost among the three...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $211,500; land improvements are appraised at $94,000; and a building is appraised at $164,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. ok Complete this question by entering your answers in the tabs below. nt ant Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned...
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