Wilson Co. purchased land as a factory site for $1,350,000. Wilson paid $120,000 to tear down...
Wilson Co. purchased land as a factory site for $1,350,000. Wilson paid $120,000 to tear
down two buildings on the land. Salvage was sold for $8,100. Legal fees of $5,220 were
paid for title investigation and making the purchase. Architect's fees were $46,800. Title
insurance cost $3,600, and liability insurance during construction cost $3,900. Excavation
cost $15,660. The contractor was paid $4,200,000. An assessment made by the city for
pavement was $9,600. Interest costs during construction were $255,000.
The cost of the building that should be recorded by Wilson Co. is
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Wilson Co. purchased land as a factory site for $1,350,000.
Wilson paid $120,000 to tear
down...
please show solution Wilson Co. purchased land as a factory site for $1,350,000. Wilson paid $120,000...
please show solution
Wilson Co. purchased land as a factory site for $1,350,000. Wilson paid $120,000 to tear down two buildings on the land. Salvage was sold for $8,100. Legal fees of $5,220 were paid for title investigation and making the purchase. Architect's fees were $46,800. Title insurance cost $3,600, and liability insurance during construction cost $3,900 Excavation cost $15,660. The contractor was paid $4,200,000. An assessment made by the city for pavement was $9,600 Interest costs during construction were...
Crane Company purchased land as a factory site for $1315000. Crane paid $118000 to tear down...
Crane Company purchased land as a factory site for $1315000.
Crane paid $118000 to tear down two buildings on the land. Salvage
was sold for $8400. Legal fees of $5380 were paid for title
investigation and making the purchase. Architect's fees were
$46100. Title insurance cost $3900, and liability insurance during
construction cost $4200. Excavation cost $15540. The contractor was
paid $4400000. An assessment made by the city for pavement was
$9700. Interest costs during construction were $260000.
The cost...
Sparky, Co. purchased land as a factory site for $600,000. Sparky paid $42,000 to tear down...
Sparky, Co. purchased land as a factory site for $600,000. Sparky paid $42,000 to tear down an existing structure on the land and was able to salvage some of the building materials which were sold for $15,400. Legal fees of $5,880 were paid for title insurance on the land purchase. Architect's fees were $32,200. There was an assessment by the city for a drainage project that cost $6,400 that was necessary to keep the land from retaining water during the...
1,050,000 2,100,000 66 6796 Net purchases Net sales Percentage markup on cost A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21,000. Using the gro...
1,050,000 2,100,000 66 6796 Net purchases Net sales Percentage markup on cost A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21,000. Using the gross profit method, the estimated ending inventory destroyed by fire is a. $119,000 b. $539,000. c. $560,000. d. $700,000. 15. Dicer uses the conventional retail method (the preferred approach) to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $390,000 ($594,000), purchases during the current year...
Sarasota Co. purchased land as a factory site for $600,000. The process of tearing down two...
Sarasota Co. purchased land as a factory site for $600,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $63,000 to raze the old buildings and sold salvaged lumber and brick for $9,450. Legal fees of $2,775 were paid for title investigation and drawing the purchase contract.Sarasota paid $3,300 to an engineering firm for a land survey, and $102,000 for drawing the factory plans. The land survey had...
Sweet Co. purchased land as a factory site for $600,000. The process of tearing down two...
Sweet Co. purchased land as a factory site for $600,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $63,000 to raze the old buildings and sold salvaged lumber and brick for $9,450. Legal fees of $2,775 were paid for title investigation and drawing the purchase contract. Sweet paid $3,300 to an engineering firm for a land survey, and $102,000 for drawing the factory plans. The land survey...
Culver Co. purchased land as a factory site for $600,000. The process of tearing down two...
Culver Co. purchased land as a factory site for $600,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $63,000 to raze the old buildings and sold salvaged lumber and brick for $9,450. Legal fees of $2,775 were paid for title investigation and drawing the purchase contract. Culver paid $3,300 to an engineering firm for a land survey, and $102,000 for drawing the factory plans. The land survey...
Capitalizing Interest A) On April 1, PC Co. began construction of a small building. Payments of...
Capitalizing Interest A) On April 1, PC Co. began construction of a small building. Payments of $250,640 were made monthly for four months beginning on April 1. The building was completed and ready for occupancy on August 1. For the purpose of determining the amount of interest cost to be capitalized, calculate the weighted-average accumulated expenditures on the building. B) OO Company purchased land as a factory site for $1340000. They paid $115000 to tear down two buildings on the...
Bonita Co. purchased land as a factory site for $512,000. The process of tearing down two...
Bonita Co. purchased land as a factory site for $512,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $53,760 to raze the old buildings and sold salvaged lumber and brick for $8,064. Legal fees of $2,368 were paid for title Investigation and drawing the purchase contract. Bonita paid $2,816 to an engineering form for a land survey, and $87,040 for drawing the factory plans. The land survey...
Part II (01m Section A: Cost of Land and Building y purchased land as a factory...
Part II (01m Section A: Cost of Land and Building y purchased land as a factory site for $900,000. Rams Company paid $80,000 to wo buildings on the land. Salvage was sold for $5,400. Legal fees of $3,500 were title investigation and making the purchase. Architect's fees were $31,200. Title e cost $2,400, and liability insurance during construction cost $2,600. Excavation cost S10 500. The contractor was paid $2,000,000. Interest costs capitalized during construction were $17,000. 1. The cost of...
please show solution
Wilson Co. purchased land as a factory site for $1,350,000. Wilson paid $120,000 to tear down two buildings on the land. Salvage was sold for $8,100. Legal fees of $5,220 were paid for title investigation and making the purchase. Architect's fees were $46,800. Title insurance cost $3,600, and liability insurance during construction cost $3,900 Excavation cost $15,660. The contractor was paid $4,200,000. An assessment made by the city for pavement was $9,600 Interest costs during construction were...
Crane Company purchased land as a factory site for $1315000.
Crane paid $118000 to tear down two buildings on the land. Salvage
was sold for $8400. Legal fees of $5380 were paid for title
investigation and making the purchase. Architect's fees were
$46100. Title insurance cost $3900, and liability insurance during
construction cost $4200. Excavation cost $15540. The contractor was
paid $4400000. An assessment made by the city for pavement was
$9700. Interest costs during construction were $260000.
The cost...
1,050,000 2,100,000 66 6796 Net purchases Net sales Percentage markup on cost A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21,000. Using the gross profit method, the estimated ending inventory destroyed by fire is a. $119,000 b. $539,000. c. $560,000. d. $700,000. 15. Dicer uses the conventional retail method (the preferred approach) to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $390,000 ($594,000), purchases during the current year...
Sarasota Co. purchased land as a factory site for $600,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $63,000 to raze the old buildings and sold salvaged lumber and brick for $9,450. Legal fees of $2,775 were paid for title investigation and drawing the purchase contract.Sarasota paid $3,300 to an engineering firm for a land survey, and $102,000 for drawing the factory plans. The land survey had...
Sweet Co. purchased land as a factory site for $600,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $63,000 to raze the old buildings and sold salvaged lumber and brick for $9,450. Legal fees of $2,775 were paid for title investigation and drawing the purchase contract. Sweet paid $3,300 to an engineering firm for a land survey, and $102,000 for drawing the factory plans. The land survey...
Bonita Co. purchased land as a factory site for $512,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $53,760 to raze the old buildings and sold salvaged lumber and brick for $8,064. Legal fees of $2,368 were paid for title Investigation and drawing the purchase contract. Bonita paid $2,816 to an engineering form for a land survey, and $87,040 for drawing the factory plans. The land survey...
Part II (01m Section A: Cost of Land and Building y purchased land as a factory site for $900,000. Rams Company paid $80,000 to wo buildings on the land. Salvage was sold for $5,400. Legal fees of $3,500 were title investigation and making the purchase. Architect's fees were $31,200. Title e cost $2,400, and liability insurance during construction cost $2,600. Excavation cost S10 500. The contractor was paid $2,000,000. Interest costs capitalized during construction were $17,000. 1. The cost of...
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