Homework Answers
Total value of land and building = $420,952 + $578,021 = $998,973
Computation of allocation of cost
Cost of land = $1,250,000 * ($420,952 / $998,973)
Cost of land = $526,730.95
Cost of Building = $1,250,000 * ($578,021 / $998,973)
Cost of Building = $723,269.05
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Due Mon 11/18/2019 5:00 Brielle Phan, Attorney at Law purchased an office building with the accompanying...
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Exercise 11-2
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fee. Based on the provincial assessment information, 75% of the
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salvage value. Ayayai, however, expects to use it for 10...
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Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this...
Exercise 10-16
Martinez Industries purchased the following assets and
constructed a building as well. All this was done during the
current year.
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Pina Co. purchased for $2,422,000 property that incuded both land and a building to be used in operations. The sellers book value was $304,000 for the land and $855,000 for the building. By appraisal, the fair value was estimated to be $818,670 for the land and $1,910,230 for the building. At what amount should Pina 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...
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...
5 Chico Company paid $520,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately Office furniture, $120,000, Building. $420,000, and Land, $90,000. Based on this information, what is the cost that should be allocated to the office furniture? (Round your intermediate percentages to four decimal places: ie .054231 - 5.42%.) Ants 00:44:12 Multiple Choice $120,000 $99,060 $173,333 Pirmu...
Due Mon 11/18/2019 5:00 pm Venkat Engineering decided to dispose of his old industrial evaporator and upgrade to a new model. He had purchased the old evaporator on January 1, 2012 for $13,700. There was no salvage/residual value and the useful life Venkat had used was 5 years. Venkat depreciated his machinery using a Straight Line basis. On December 31, 2016, Venkat talked Chris into paying him $600 for the above referenced equipment a) Calculate the Book Value at time...
ALCULATOR FULL SCREEN PRINTER VERSION BACK Question 5 Marigold Co. purchased for $2,129,000 property that induded both land and a building to be used in operations. The seller's book for the building. By appraisal, the fair value was estimated to be $646,700 for the land and $1,940,100 for the building. At what amount should Marigold 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...
Exercise 11-2
Ayayai Corp. acquired a property on September 15, 2020, for
$220,000, paying $3,000 in transfer taxes and a $1,500 real estate
fee. Based on the provincial assessment information, 75% of the
property’s value was related to the building and 25% to the land.
It is estimated that the building, with proper maintenance, will
last for 20 years, at which time it will be torn down and have zero
salvage value. Ayayai, however, expects to use it for 10...
Headland Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $130,000 cash. The following information was gathered. Initial Cost on Description Seller's Books Machinery $130,000 Equipment 78,000 Depreciation to Date on Seller's Books $65,000 13,000 Book Value on Seller's Books Appraised Value $65,000 $117.000 65,000 39,000 Asset 3: This machine was acquired by making a $13.000 down...
Problem 11-5 Shamrock Mining Company has purchased a tract of mineral land for $1,044,000. It is estimated that this tract will yield 139,200 tons of ore with sufficient mineral content to make mining and processing profitable. It is further estimated that 6,960 tons of ore will be mined the first and last year and 13,920 tons every year in between. (Assume 11 years of mining operations.) The land will have a salvage value of $34,800. The company builds necessary structures...
Exercise 10-16
Martinez Industries purchased the following assets and
constructed a building as well. All this was done during the
current year.
Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $140,000 cash. The following information was gathered. Book Value on Seller's Books Description Machinery Equipment Initial Cost on Depreciation to Seller's BooksDate on...
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