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Carver Inc. purchased a building and the land on which the building is situated for a total cost of $978,100 cash. The land was appraised at $258,707 and the building at $866,108. Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would the company recognize a gain on the purchase? d. Record the purchase in...
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Carver Inc. purchased a building and the land on which the building is situated for a total cost of $859700 cash. The land was appraised at $168,071 and the building at $820,584. Required b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers...
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Carver Inc. purchased a building and the land on which the building is situated for a total cost of $939,300 cash. The land was appraised at $248,445 and the building at $831,750. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a statements model like the following one. d. Record the purchase...
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Exercise 8-6A Allocating costs for a basket purchase LO 8-1 Pitney Co. purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total $180.000 300,000 120,000 $600,000 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount...
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Exercise 8-6A Allocating costs for a basket purchase LO 8-1 Pitney Co. purchased an office building, land, and furniture for $604,200 cash. The appraised value of the assets was as follows: Land Building Furniture Total $101.506 196,244 378,954 $676, 704 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model like the following one: c. Prepare the general journal entry to record the purchase. Complete this question...
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Help Sure & Submit Check my work Exercise 10-3 Lump-sum purchase of plant assets LO C1 8 0250:00 Rodriguez Company pays $395,330 for real estate with land, land improvements, and a building Land is appraised at $157,040, land improvements are appraised at $58.890, and a building is appraised at $176,670 Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase Complete this question by entering your answers in the tabs below....
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Exercise 8-3 Lump-sum purchase of plant assets LO
C1
Rodriguez Company pays $345,000 for real estate plus $18,285 in
closing costs. The real estate consists of land appraised at
$180,000; land improvements appraised at $40,000; and a building
appraised at $180,000.
Required:
1. Allocate the total cost among the three
purchased assets.
2. Prepare the journal entry to record the
purchase.
Appraised Value
Percent of Total Appraised Value
x Total Cost of Acquisition
= Apportioned Cost
Land
Land improvements
Building...
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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at S168,000, land improvements are appraised at $84,000, and a building is appraised at $168,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among...
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Exercise 8-3 Lump-sum purchase of plant assets LO C1
Rodriguez Company pays $405,405 for real estate with land, land
improvements, and a building. Land is appraised at $192,000; land
improvements are appraised at $72,000; and a building is appraised
at $216,000.
Required:
1. Allocate the total cost among the three
assets.
2. Prepare the journal entry to record the
purchase.
Problem 8-6A Part 3
Record the sale of the used machine for $92,000 cash.
Record the insurance settlement received of...
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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriquez Company pays $355,000 for real estate plus $18,815 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $73,500; and a building appraised at $220,500. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $978,100 cash. The land was appraised at $258,707 and the building at $866,108. Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would the company recognize a gain on the purchase? d. Record the purchase in...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $859700 cash. The land was appraised at $168,071 and the building at $820,584. Required b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $939,300 cash. The land was appraised at $248,445 and the building at $831,750. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a statements model like the following one. d. Record the purchase...
Exercise 8-6A Allocating costs for a basket purchase LO 8-1 Pitney Co. purchased an office building, land, and furniture for $500,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total $180.000 300,000 120,000 $600,000 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount...
Exercise 8-6A Allocating costs for a basket purchase LO 8-1 Pitney Co. purchased an office building, land, and furniture for $604,200 cash. The appraised value of the assets was as follows: Land Building Furniture Total $101.506 196,244 378,954 $676, 704 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model like the following one: c. Prepare the general journal entry to record the purchase. Complete this question...
Help Sure & Submit Check my work Exercise 10-3 Lump-sum purchase of plant assets LO C1 8 0250:00 Rodriguez Company pays $395,330 for real estate with land, land improvements, and a building Land is appraised at $157,040, land improvements are appraised at $58.890, and a building is appraised at $176,670 Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase Complete this question by entering your answers in the tabs below....
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at S168,000, land improvements are appraised at $84,000, and a building is appraised at $168,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among...
Exercise 8-3 Lump-sum purchase of plant assets LO C1
Rodriguez Company pays $405,405 for real estate with land, land
improvements, and a building. Land is appraised at $192,000; land
improvements are appraised at $72,000; and a building is appraised
at $216,000.
Required:
1. Allocate the total cost among the three
assets.
2. Prepare the journal entry to record the
purchase.
Problem 8-6A Part 3
Record the sale of the used machine for $92,000 cash.
Record the insurance settlement received of...
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriquez Company pays $355,000 for real estate plus $18,815 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $73,500; and a building appraised at $220,500. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost...