A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $53,000; the land at $52,200, and the parking lot at $19,800. Land should be recorded in the accounting records with an allocated cost of
Total appraisal cost = 53,000 + 52,200 + 19,800 = 125,000
Amount to be recorded to land
= (52,200/125,000) * 100,000
= 41,760
Comment if you face any issues
A company purchased property for $100,000. The property included a building, a parking lot, and land....
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $54,500; the land at $51,000, and the parking lot at $19,500. Land should be recorded in the accounting records with an allocated cost of:
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $35,000, and the parking lot at $18,000. Land should be recorded in the accounting records with an allocated cost of: $35,000. $0. $30,435. $46,087. $100,000.
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $61.000; the land at $45,800, and the parking lot at $18,200. Land should be recorded in the accounting records with an allocated cost of Multiple Choice $42,640 $45,800. $100,000. $0 $36,640.
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000, the land was appraised at $35,000, and the parking lot was appraised at $18,000. How much should the land be recorded in accounting revenue?
Help Save & Exit Sub A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $60,000, the land at $46,600, and the parking lot at $18,400. Land should be recorded in the accounting records with an allocated cost of Multiple Choice Ο 46,6oo. Ο Ο Ο Ο '
Which answer is correct?
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $53,500; the land at $51,800, and the parking lot at $19,700. Land should be recorded in the accounting records with an allocated cost of: Multiple Choice o $100,000. o $41,440. o $51,800. o $0. o $47,440.
Henry Company purchased a piece of property that included a building, a parking lot, and land for a lump-sum amount of $800,000. The insurance company appraised the components as follows: Land $200,000 Building 700,000 Parking lot 100,000 What should be the cost basis for the building?
A company purchased property for $100,000. The property included a building, equipment and land. The building was appraised at $62,000, the land at $45,000, and the equipment at $18,000 for a total appraised value of $125,000. What is the amount of cost to be allocated to the building in the accounting records? $0 $49,600 $62,000 $100,000 A company purchased office equipment for $24,500 and paid $1,470 in sales tax, $550 for installation, $3,200 for a needed adjustment to the equipment,...
Name: 5) A company paid $1 54,000 for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. How should the purchase cost be allocated in the company's accounting records between land, land improvements, and the building? (No journal entry is required) Account Land Land Improvements Building Total Appraised Value $87,500 $35,000 $52,500 $175,000 Balance Sheet Balances 3080 8 46200 $154.000 97500 175,0e
Ivanhoe Co. purchased for $2,156,000 property that included both land and a building to be used in operations. The seller's book value was $294,000 for the land and $882,000 for the building. By appraisal, the fair value was estimated to be $490,000 for the land and $1,960,000 for the building. At what amount should Ivanhoe report the land and the building at the end of the year? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to...