Homework Answers
Answer:
Option c) is correct. i.e S 319,000.
| Amount($) | |
| purchase price of land | 2,90,000 |
| survey fees | 6,000 |
| payment for demolition of old building on land | 20,000 |
| back property taxes | 3,000 |
| cost of the land | 3,19,000 |
| Remaining costs do not form part of cost of land. | |
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A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of...
A company incurred the following costs: $230,000 Purchase price of land Survey fees Payment for demolition...
A company incurred the following costs: $230,000 Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business 8,000 30,000 5,000 70,000 15,000 90,000 5,000 What is the cost of the land? O A. $273,000 O B. $230,000 C. $268,000 O D. $343,000 Click to select your answer.
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
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borden company incurred the following costs to acquire and
prepare land for a new parking lot purchase price for land cost to
clear the land cost of paving lighting for the parking lot and
landscaping for the parking lot how should the company determine
which cost to be recorded as land improvement in which should be
recorded as land
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Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance$20,000Legal fees for drawing the contract7,000Pro-rated property taxes for the period after acquisition40,000State transfer fees4,400 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent $86,000 to construct a parking lot and $44,000 for landscaping. Required:1. Determine...
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Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance$25,000Legal fees for drawing the contract9,500Pro-rated property taxes for the period after acquisition45,000State transfer fees4,900 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $2 million, respectively. Shortly after acquisition, Samtech spent $91,000 to construct a parking lot and $49,000...
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Determine property, plant, and equipment costs. (LO 1) E10-2 Benedict Company incurred the following costs. 1....
Determine property, plant, and equipment costs. (LO 1) E10-2 Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery 4. Real estate broker's commission on land purchased Insurance premium paid for first year's insurance on new truck 6. Cost of landscaping on property purchased 7. Cost of paving parking lot for new building constructed 8. Cost of clearing, draining, and...
A company incurred the following costs: $230,000 Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business 8,000 30,000 5,000 70,000 15,000 90,000 5,000 What is the cost of the land? O A. $273,000 O B. $230,000 C. $268,000 O D. $343,000 Click to select your answer.
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
borden company incurred the following costs to acquire and
prepare land for a new parking lot purchase price for land cost to
clear the land cost of paving lighting for the parking lot and
landscaping for the parking lot how should the company determine
which cost to be recorded as land improvement in which should be
recorded as land
Borden Company incurred the following costs to acquire and prepare land for a new parking lot purchase price for land, cost...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $26,000 5,000 46,000 5,000 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent $92,000...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson made the following expenditures in connection with the purchase of the land and building: Title insurance $12,000 Legal fees for drawing the contract 3,000 Pro-rated property taxes for the period after acquisition 23,000 State transfer fees 2,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $1.8 and $0.9 million, respectively. Shortly after acquisition, Rembson spent $67,000...
d E9.2 (LO 1) Benedict Company incurred the following costs. $ 5,000 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery 700 oorardto 2,000 4. Real estate broker's commission on land purchased 3,500 5. Insurance premium paid for first year's insurance on new truck 880 6. Cost of landscaping on property purchased 7,200 7. Cost of paving parking lot for new building constructed 8. Cost...
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