Which answer is correct?Homework Answers
Solution:
Allocated cost of land = Total purchase price * Appraised value of land / Total appraised value
= $100,000 * $51,800 / ($53,500 + $51,800 + $19,700)
= $41,440
Hence 2nd option is correct.
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Which answer is correct?
A company purchased property for $100,000. The property included a building, a...
A company purchased property for $100,000. The property included a building, a parking lot, and land....
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Help Save & Exit Sub A company purchased property for $100,000. The property included a building, a parking lot...
Help Save & Exit Sub A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $60,000, the land at $46,600, and the parking lot at $18,400. Land should be recorded in the accounting records with an allocated cost of Multiple Choice Ο 46,6oo. Ο Ο Ο Ο '
A company purchased property for $100,000. The property included a building, a parking lot, and land....
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $53,000; the land at $52,200, and the parking lot at $19,800. Land should be recorded in the accounting records with an allocated cost of
A company purchased property for $100,000. The property included a building, a parking lot, and land....
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $54,500; the land at $51,000, and the parking lot at $19,500. Land should be recorded in the accounting records with an allocated cost of:
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A company purchased property for $100,000. The property included a building, a parking lot, and land....
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000, the land was appraised at $35,000, and the parking lot was appraised at $18,000. How much should the land be recorded in accounting revenue?
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A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $61.000; the land at $45,800, and the parking lot at $18,200. Land should be recorded in the accounting records with an allocated cost of Multiple Choice $42,640 $45,800. $100,000. $0 $36,640.
Help Save & Exit Sub A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $60,000, the land at $46,600, and the parking lot at $18,400. Land should be recorded in the accounting records with an allocated cost of Multiple Choice Ο 46,6oo. Ο Ο Ο Ο '
Name: 5) A company paid $1 54,000 for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. How should the purchase cost be allocated in the company's accounting records between land, land improvements, and the building? (No journal entry is required) Account Land Land Improvements Building Total Appraised Value $87,500 $35,000 $52,500 $175,000 Balance Sheet Balances 3080 8 46200 $154.000 97500 175,0e
Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price Real estate commissions Legal fees Expenses of clearing the land Expenses to remove old building $ 188,000 16,300 2,100 3,300 2,300 What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building? Multiple Choice O $212,000 to Land, 50 to Building O $206,400 to Land, $2.300 to...
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