Homework Answers
| 6. Option D | |
|
7. Total appraisal cost = 4,000,000+2,000,000+3,000,000+1,000,000 = 10,000,000 Initial value of patent = (2,000,000/10,000,000)*9,000,000 = 1,800,000 |
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6. The cost of constructing a new parking lot at the company's office building would be...
1.A company acquired an office building on three acres of land for a lump-sum price of...
1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent appraisals, the fair values were $1,840,000, $1,380,000, and $1,380,000 for the building, land, and equipment, respectively. At what amount would the company record the building? $1,860,000. None of these answer choices are correct. $1,160,000. $1,320,000. 2. A company purchased new equipment for $61,000. The company paid cash for the equipment. Other costs associated with the...
Question 12 (1 point) The capitalized cost of land excludes: The purchase price of the land....
Question 12 (1 point) The capitalized cost of land excludes: The purchase price of the land. Title insurance paid at the time of purchase. Real estate commissions associated with the sale. Property taxes for the first year owned. Question 13 (1 point) An exclusive 20-year right to manufacture a product or use a process is a: Patent Copyright. Trademark. Franchise Question 14 (1 point) The cost of constructing a new parking lot at the company's office building would be recorded...
5 points Save Answe Cantor Corporation acquired a manufacturing facility on four acres of land for a lump sum price...
5 points Save Answe Cantor Corporation acquired a manufacturing facility on four acres of land for a lump sum price of $8.350.000. The building included used but functional equipment According to independent appraisals, the fair values were $3.420,000, 4560,000 and $3.420,000 for the building, land and equipment, respectively. The initial values of the building and and equipment would be Building Land $ 3.420.00 Equipment $ 4560,0 $ 3.420.00 3420 000 $570,00 $ 45600 00 2.505.00 $ 3.340.0 $ 2.505 None...
During February, the old building was demolished at a cost of $240,000, and an additional $200,000...
During February, the old building was demolished at a cost of $240,000, and an additional $200,000 was paid to clear and grade the land. Construction of a new building began on March 1 and was completed on October 30. Construction expenditures were as follows: March 31 $1,600,000 June 30 2,400,000 July 31 2,400,000 September 1 1,200,000 HDR Company did not borrow specifically for the construction project, but did have the following debt outstanding throughout 2019: ...
During February, the old building was demolished at a cost of $240,000, and an additional $200,000...
During February, the old building was demolished at a cost of $240,000, and an additional $200,000 was paid to clear and grade the land. Construction of a new building began on March 1 and was completed on October 30. Construction expenditures were as follows: March 31 $1,600,000 June 30 2,400,000 July 31 2,400,000 September 1 1,200,000 HDR Company did not borrow specifically for the construction project, but did have the following debt outstanding throughout 2019: ...
Exercise 10-3 Acquisition costs; lump-sum acquisition (LO10-1, 10-2) Samtech Manufacturing purchased land and building for $3...
Exercise 10-3 Acquisition costs; lump-sum acquisition (LO10-1, 10-2) Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $30,000 7.000 50.000 5,400 - An independent appraisal estimated the fair values of the land and building. If purchased separately, at $3 and...
Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and...
Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Granny Carney Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Granny Carney Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $84,000 cash...
1. If a corporation purchases land and building and subsequently tears down the building and uses...
1. If a corporation purchases land and building and subsequently tears down the building and uses the property as a parking lot, the proper accounting treatment of the cost of the building would depend on A) the intention of management for the property when the building was acquired. B) the significance of the cost allocated to the building in relation to the combined cost of the land and building. C) the length of time for which the building was held...
1/ Using the information presented in Question 1 above, determine the Historical Cost of the building...
1/ Using the information presented in Question 1 above,
determine the Historical Cost of the building after taking
into consideration the capitalization of interest.
2/ Using the information presented in Question 1 above,
determine the Interest Expense that Desert would report on
their Income Statement for the year ended December 31,
2019.
3/ Using the information in Question 1 above, assume
instead that Desert's only other outstanding debt during
2019 was a $450,000, 9%, three-year note (i.e. all other
information...
Gloria Roper Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and...
Gloria Roper Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset During 2018, Gloria Roper Associates completed the following transactions: (Click the loon to view the transactions.) Record the transactions in the joumal of Gloria Roper Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $78,000 cash...
Question 12 (1 point) The capitalized cost of land excludes: The purchase price of the land. Title insurance paid at the time of purchase. Real estate commissions associated with the sale. Property taxes for the first year owned. Question 13 (1 point) An exclusive 20-year right to manufacture a product or use a process is a: Patent Copyright. Trademark. Franchise Question 14 (1 point) The cost of constructing a new parking lot at the company's office building would be recorded...
5 points Save Answe Cantor Corporation acquired a manufacturing facility on four acres of land for a lump sum price of $8.350.000. The building included used but functional equipment According to independent appraisals, the fair values were $3.420,000, 4560,000 and $3.420,000 for the building, land and equipment, respectively. The initial values of the building and and equipment would be Building Land $ 3.420.00 Equipment $ 4560,0 $ 3.420.00 3420 000 $570,00 $ 45600 00 2.505.00 $ 3.340.0 $ 2.505 None...
Exercise 10-3 Acquisition costs; lump-sum acquisition (LO10-1, 10-2) Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $30,000 7.000 50.000 5,400 - An independent appraisal estimated the fair values of the land and building. If purchased separately, at $3 and...
Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Granny Carney Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Granny Carney Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $84,000 cash...
1/ Using the information presented in Question 1 above,
determine the Historical Cost of the building after taking
into consideration the capitalization of interest.
2/ Using the information presented in Question 1 above,
determine the Interest Expense that Desert would report on
their Income Statement for the year ended December 31,
2019.
3/ Using the information in Question 1 above, assume
instead that Desert's only other outstanding debt during
2019 was a $450,000, 9%, three-year note (i.e. all other
information...
Gloria Roper Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset During 2018, Gloria Roper Associates completed the following transactions: (Click the loon to view the transactions.) Record the transactions in the joumal of Gloria Roper Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $78,000 cash...
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