Tiber Corp. purchased land for $ 76 comma 000 $76,000. Additionally, Tiber paid title insurance of...
Tiber Corp. purchased land for $ 76 comma 000 $76,000. Additionally, Tiber paid title insurance of $ 700 $700, a commission of $ 8 comma 000 $8,000, and back taxes due in the amount of $ 8 comma 000 $8,000. To ready the land for construction, Tiber paid $ 2 comma 000 $2,000 to remove an unwanted building, $ 2 comma 000 $2,000 to level and grade the property, and $ 10 comma 000 $10,000 for paving. The cost of the company's land is _______, and the land improvements are _______.
Homework Answers
|
Cost of land = 76,000 + 700 + 8,000 + 8,000 + 2,000 + 2000 = 96,700 |
|
| Land improvements = 10,000 | |
Comment if you face any issues
Add Answer to:
Tiber Corp. purchased land for $ 76 comma 000 $76,000.
Additionally, Tiber paid title insurance of...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $76,000. An old...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $76,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building $ 7,000 Architect’s fees (for new building) 15,000 Legal fees for title investigation of land 3,500 Property taxes on land (for period beginning March 1, 2021) 4,600 Construction costs 660,000 Interest on...
E10-17 Deter Lawson Furnis payable. In add Determining the cost of assets Furniture purchased land, paying $65,000...
E10-17 Deter Lawson Furnis payable. In add Determining the cost of assets Furniture purchased land, paying $65,000 cash and signing a $250.300 note In addition, Lawson paid delinquent property tax of $5,000, title insurance 4 000, and $9,000 to level the land and remove an unwanted building company then constructed an office buildin office building at a cost of $400,000. It also paid ca fence around the property, $12,000 for a sign near the entrance, and Posting $4,000, and $9.000....
E9-17 Determining the cost of assets Lawson Furniture purchased land, paying $65,000 cash and signing a...
E9-17 Determining the cost of assets Lawson Furniture purchased land, paying $65,000 cash and signing a $250,000 notes payable. In addition, Lawson paid delinquent property tax of $5,000, title insurance costing $4,000, and $9,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $54,000 for a fence around the property, $12,000 for a sign near the entrance, and $8,000 for special lighting of the grounds.
14 115 116 117 Question 2 (10 marks) Cedar Incorporated paid $625,000 for land. The company...
14 115 116 117 Question 2 (10 marks) Cedar Incorporated paid $625,000 for land. The company had to pay $15,000 in back property taxes and $50,000 to remove the old building from the land. The company paid $1,900,000 for construction of a new building, including design. The company paid $250,000 for fencing, $125,000 for lighting around the outside of the building, $400,000 for a parking lot and $60,000 for Signage. Required Determine the cost of the Building, Land and Land...
The following payments and receipts are related to land, land improvements, and buildings acquired for use...
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land $3,600 720,000 60,000 23,400 15,000 75,000 10,000 3,400* 18,000 8,400 800,000* 13,400 3,000 2,000 14,000 21,600 Building (to be demolished) c. Finder's fee paid to real estate agency d. Delinquent real estate taxes...
s101(LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related o land, land...
s101(LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related o land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. . Money borrowed to pay building contractor (signed a note) h Payment for construction from note proceeds $(275,000) 275,000 c. Cost of land fill and clearing d. Delinquent real estate taxes on property assumed by purchaser e. Premium on 6-month insurance policy during construction fRefund of 1-month insurance...
Allocating payment xed asset accounts The following payents and receipts are related to land, land improvements,...
Allocating payment xed asset accounts The following payents and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asteris a. Fee paid to attorney for title seardch $2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in (b)...
Identify each of the following expenditures as chargeable to Land, Land Improvements, Buildings, Machinery and Equipment,...
Identify each of the following expenditures as chargeable to Land, Land Improvements, Buildings, Machinery and Equipment, or other account. 1. Cost of paving parking area for employees and customers. 2. Insurance during construction of building. . Interest incurred on loan during construction of building. 4. Fee paid for installation of equipment. 5. Special foundation for new equipment acquired. 6. Insurance on new equipment while in transit. 7. Freight charges on new equipment. 8. Cost of repairing vandalism damage to equipment...
Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land...
Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. $2,000 a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land 285,000 Building (to be 60,000 demolished) Delinquent real estate taxes on property, assumed by purchaser 16,000 C. d. Cost of razing and removing building...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and purchase equipment to start operating its sporting goods business. Line 1 Cost of land 300,000 2 Attorney’s fee, land acquisition 15,000 3 Architect’s fee, building design 35,000 4 Accrued Taxes on Land 2,500 5 Construction cost of Building 975,000 6 Annual Salary of staff who supervised the construction of the building for six months 80,000 7 Interest charges on loan for building paid during...
E10-17 Deter Lawson Furnis payable. In add Determining the cost of assets Furniture purchased land, paying $65,000 cash and signing a $250.300 note In addition, Lawson paid delinquent property tax of $5,000, title insurance 4 000, and $9,000 to level the land and remove an unwanted building company then constructed an office buildin office building at a cost of $400,000. It also paid ca fence around the property, $12,000 for a sign near the entrance, and Posting $4,000, and $9.000....
E9-17 Determining the cost of assets Lawson Furniture purchased land, paying $65,000 cash and signing a $250,000 notes payable. In addition, Lawson paid delinquent property tax of $5,000, title insurance costing $4,000, and $9,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $54,000 for a fence around the property, $12,000 for a sign near the entrance, and $8,000 for special lighting of the grounds.
14 115 116 117 Question 2 (10 marks) Cedar Incorporated paid $625,000 for land. The company had to pay $15,000 in back property taxes and $50,000 to remove the old building from the land. The company paid $1,900,000 for construction of a new building, including design. The company paid $250,000 for fencing, $125,000 for lighting around the outside of the building, $400,000 for a parking lot and $60,000 for Signage. Required Determine the cost of the Building, Land and Land...
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land $3,600 720,000 60,000 23,400 15,000 75,000 10,000 3,400* 18,000 8,400 800,000* 13,400 3,000 2,000 14,000 21,600 Building (to be demolished) c. Finder's fee paid to real estate agency d. Delinquent real estate taxes...
s101(LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related o land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. . Money borrowed to pay building contractor (signed a note) h Payment for construction from note proceeds $(275,000) 275,000 c. Cost of land fill and clearing d. Delinquent real estate taxes on property assumed by purchaser e. Premium on 6-month insurance policy during construction fRefund of 1-month insurance...
Allocating payment xed asset accounts The following payents and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asteris a. Fee paid to attorney for title seardch $2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in (b)...
Identify each of the following expenditures as chargeable to Land, Land Improvements, Buildings, Machinery and Equipment, or other account. 1. Cost of paving parking area for employees and customers. 2. Insurance during construction of building. . Interest incurred on loan during construction of building. 4. Fee paid for installation of equipment. 5. Special foundation for new equipment acquired. 6. Insurance on new equipment while in transit. 7. Freight charges on new equipment. 8. Cost of repairing vandalism damage to equipment...
Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. $2,000 a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land 285,000 Building (to be 60,000 demolished) Delinquent real estate taxes on property, assumed by purchaser 16,000 C. d. Cost of razing and removing building...
Most questions answered within 3 hours.
-
A motor spins up from rest to an angular velocity of 165 rad/s
in 1.2 s....
asked 1 minute ago -
An entomologist sprayed 120 adult Melon flies with a specific
low concentration of malathion and observed...
asked 6 minutes ago -
Suppose that a police car is moving to the right at 27.9 m/s,
while a speeder...
asked 8 minutes ago -
Assume that when adults with smartphones are randomly selected,
48% use them in meetings or classes....
asked 9 minutes ago -
An electric dipole consists of charges +2e and -2e separated by
0.85 nm. It is in...
asked 10 minutes ago -
How many mL of 0.250 M BaCl2 would you need to precipitate all
the sulfate ion...
asked 22 minutes ago -
Calculate the activity of a pure 5.8-μg sample of 3215P
(T12=1.23×106s).
asked 31 minutes ago -
What personality theory and test might a psychologist use for a
small group of elders between...
asked 34 minutes ago -
When five capacitors with equal capacitances are connected in
series, the equivalent capacitance of the combination...
asked 38 minutes ago -
1.
A corporation manufactures two variants of the same product:
Deluxe (D) and Classic (C). The...
asked 41 minutes ago -
A survey of undergraduate students in the School of Business at
Northern University revealed the following...
asked 52 minutes ago -
If a random variable Xhas the gamma distribution with α= 2and β
= 1,
(a) What...
asked 52 minutes ago