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B) On January 1, 2017 Timmy Co, purchased a tract of land and a building for...
On January 1, 2015 Timmy Co, purchased a tract of land and a building for a...
On January 1, 2015 Timmy Co, purchased a tract of land and a building for a lump sum total of $800,000. At the date of acquisition, the fair value of the land and building was $600,000, and $400,000, respectively. Calculate the valuation of the fixed assets.
In January 2017, Mitzu Co. pays $2,750,000 for a tract of land with two buildings on...
In January 2017, Mitzu Co. pays $2,750,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $690,000, with a useful life of 20 years and a $75,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $540,000 that are expected to last another 18 years with no...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $12.600, but was able to sell scrap from the building for $1.500. The cost of title Insurance was 5870 and attomey fees for reviewing the contract were 5120 Property taxes paid were 2.200, of which $300 covered the period subsequent to the purchase date....
any ls Constructor 8. On April 1, Mooney Corporation purchased for $1,620,000 a tract of land...
any ls Constructor 8. On April 1, Mooney Corporation purchased for $1,620,000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $600,000 Warehouse $560,000 400,000 Office building 360,000 800,000 680,000 $1,800,000 $1,600,000 What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively? A) Land, $550,000; warehouse, $370,000; office building. $680,000. B) Land, $600,000; warehouse,...
Lowell Co. acquired 100% of Boston, Inc. on January 1, 2017. On that date, Boston had...
Lowell Co. acquired 100% of Boston, Inc. on January 1, 2017. On that date, Boston had land with a book value of $42,000 and a fair value of $52,000. Also, on the date of acquisition, Boston had a building with a book value of $200,000 and a fair value of $390,000. Boston had equipment with a book value of $350,000 and a fair value of $280,000. Both companies use the same depreciation policy, that the building had a 10-year remaining...
Lowell Co. acquired 100% of Boston, Inc. on January 1, 2017. On that date, Boston had...
Lowell Co. acquired 100% of Boston, Inc. on January 1, 2017. On that date, Boston had land with a book value of $42,000 and a fair value of $52,000. Also, on the date of acquisition, Boston had a building with a book value of $200,000 and a fair value of $390,000. Boston had equipment with a book value of $350,000 and a fair value of $280,000. Both companies use the same depreciation policy, that the building had a 10-year remaining...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
Carlos Co, purchased building and land for $400,000 total. Individually, the land appraised for $84,000 and the bui...
Carlos Co, purchased building and land for $400,000 total. Individually, the land appraised for $84,000 and the building appraised for $336,000. How much of the purchase price should be allocated to the cost of the land? A. $ 75,000 B. $ 80,000 C. $ 84,000 D. $400,000 Planter Co. purchased a delivery van for $30,000 on January 1. The van has an estimated 5 year life with a residual value of $5,000. What would be the depreciation expense for this...
Kindly please solve this thank you Land Land Land Building 2 Building 3 Improvements 1 Improvements 2 Purchase Price Dem...
Kindly please solve this thank you
Land Land Land Building 2 Building 3 Improvements 1 Improvements 2 Purchase Price Demolition Land grading New building (Construction cost) New improvements Totals ! Required information [The following information applies to the questions displayed below. In January 2017, Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it...
Vijay Inc. purchased a three-acre tract of land for a building site for $250,000. On the...
Vijay Inc. purchased a three-acre tract of land for a building site for $250,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $13,000, but was able to sell scrap from the building for $1,670. The cost of title insurance was $800 and attorney fees for reviewing the contract were $570. Property taxes paid were $3,500, of which $290 covered the period subsequent to the purchase date....
On January 1, 2015 Timmy Co, purchased a tract of land and a building for a lump sum total of $800,000. At the date of acquisition, the fair value of the land and building was $600,000, and $400,000, respectively. Calculate the valuation of the fixed assets.
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $12.600, but was able to sell scrap from the building for $1.500. The cost of title Insurance was 5870 and attomey fees for reviewing the contract were 5120 Property taxes paid were 2.200, of which $300 covered the period subsequent to the purchase date....
any ls Constructor 8. On April 1, Mooney Corporation purchased for $1,620,000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $600,000 Warehouse $560,000 400,000 Office building 360,000 800,000 680,000 $1,800,000 $1,600,000 What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively? A) Land, $550,000; warehouse, $370,000; office building. $680,000. B) Land, $600,000; warehouse,...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
Carlos Co, purchased building and land for $400,000 total. Individually, the land appraised for $84,000 and the building appraised for $336,000. How much of the purchase price should be allocated to the cost of the land? A. $ 75,000 B. $ 80,000 C. $ 84,000 D. $400,000 Planter Co. purchased a delivery van for $30,000 on January 1. The van has an estimated 5 year life with a residual value of $5,000. What would be the depreciation expense for this...
Kindly please solve this thank you
Land Land Land Building 2 Building 3 Improvements 1 Improvements 2 Purchase Price Demolition Land grading New building (Construction cost) New improvements Totals ! Required information [The following information applies to the questions displayed below. In January 2017, Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it...
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