Homework Answers
Land = $434700*82800/(82800+303600+110400) = $72450
Building = $434700*303600/496800 = $265650
Equipment = 434700*110400/496800 = $96600
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Brief Exercise 10-06 Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash...
Crane Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400....
Crane Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400. The estimated fair values of the assets are land $81,600, building $299,200, and equipment $108,800. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.) Recorded Amount Land $ Building Equipment $
Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $441,000....
Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $441,000. The estimated fair values of the assets are land $84,000, building $308,000, and equipment $112,000. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.)
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment...
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $384,300. The estimated fair values of the assets are land $73,200, building $268,400, and equipment $97,600. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to o decimal places, e.g. 5,275.) Recorded Amount Land Building Equipment
Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath...
Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath a t $352.000. The estimated for values of the assets are and $67,200, buiding $246,400, and equipment 589,600. At what amounts should each of the three sts be recorded (Round intermediate percentage calculations to 5 decimal places eg.18.25124 and final answer to o decimal places... 5.275.) Recorded Amount Land Building Equment
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000....
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the three assets be recorded?(Round final answer to 0 deciaml places, e.g. 5,275.) Recorder Amount Land Building Equipment
7) Apple Inc. purchased land, building, and equipment from Orange Inc. for a cash payment of...
7) Apple Inc. purchased land, building, and equipment from Orange Inc. for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. What is the total amount at which these three assets should be recorded? a. $315,000 b. $360,000 c. $315,000 d. $300,000
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial...
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial cost of $403,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $99,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $334,400. On January 5, 2021, Skysong sold the building for $329,400 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit...
Brief Exercise 14-1 Blossom Corporation issues $570,000 of 9% bonds, due in 11 years, with interest...
Brief Exercise 14-1 Blossom Corporation issues $570,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds LINK TO TEXT
In its first year of bensiness, Chal Board purchased land, a bulding and equipment on March...
In its first year of bensiness, Chal Board purchased land, a bulding and equipment on March 5, 2020, for $650,000 in total. The land was valued at $275.000, the building at $343.750 and the equipment at $68,750. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Building $25,000 60 Equipment 5.000 Depreciation Method Straight line Double diminishing-balance Your a wer is incorrect Allocate the purchase cost of the land, building and equipment to each of...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Crane Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400. The estimated fair values of the assets are land $81,600, building $299,200, and equipment $108,800. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.) Recorded Amount Land $ Building Equipment $
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $384,300. The estimated fair values of the assets are land $73,200, building $268,400, and equipment $97,600. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to o decimal places, e.g. 5,275.) Recorded Amount Land Building Equipment
Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath a t $352.000. The estimated for values of the assets are and $67,200, buiding $246,400, and equipment 589,600. At what amounts should each of the three sts be recorded (Round intermediate percentage calculations to 5 decimal places eg.18.25124 and final answer to o decimal places... 5.275.) Recorded Amount Land Building Equment
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial cost of $403,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $99,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $334,400. On January 5, 2021, Skysong sold the building for $329,400 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit...
Brief Exercise 14-1 Blossom Corporation issues $570,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds LINK TO TEXT
In its first year of bensiness, Chal Board purchased land, a bulding and equipment on March 5, 2020, for $650,000 in total. The land was valued at $275.000, the building at $343.750 and the equipment at $68,750. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Building $25,000 60 Equipment 5.000 Depreciation Method Straight line Double diminishing-balance Your a wer is incorrect Allocate the purchase cost of the land, building and equipment to each of...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
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