Answer | ||
1) |
||
Accounts titles and Explanation | Debit | Credit |
Land (195000*910000/1040000) | $ 170,625 | |
Buildings (455000*910000/1040000) | $ 398,125 | |
Equipment (390000*910000/1040000) | $ 341,250 | |
Cash | $ 910,000 | |
2) | ||
Accounts titles and Explanation | Debit | Credit |
Equipment | $ 32,500 | |
Cash | $ 2,600 | |
Notes Payable | $ 29,900 | |
3) | ||
Accounts titles and Explanation | Debit | Credit |
Office Equipment | $ 18,816 | |
Accounts Payable | $ 18,816 | |
4) | ||
Accounts titles and Explanation | Debit | Credit |
Land | $ 35,100 | |
Deferred Grant Revenue | $ 35,100 | |
5) | ||
Accounts titles and Explanation | Debit | Credit |
Warehouse | $ 780,000 | |
Cash | $ 780,000 | |
Plant acquisitions for selected companies are as follows. 1. Pina Industries Inc. acquired land, buildings, and...
Plant acquisitions for selected companies are as follows. 1. Marin Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $728,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $208,000 $156,000 Buildings 364,000 260,000 312,000 Equipment 312.000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land...
Plant acquisitions for selected companies are as follows. 1. Flint Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $952,000. At the time of purchase, Torres's assets had the following book and appraisal values. Appraisal Values Land Buildings Equipment Book Values $272,000 340,000 408,000 $204,000 476,000 408,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land...
Plant acquisitions for selected companies are as follows. 1. Tamarisk Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $770,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land Buildings $220,000 275.000 330.000 $165,000 385.000 330,000 Equipment To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made Land...
Plant acquisitions for selected companies are as follows. 1. Headland Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $994,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $284,000 $213,000 Buildings 355,000 497,000 Equipment 426,000 426,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land...
Exercise 10-6 Plant acquisitions for slected companies are as follows 1. Larkspur Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $742,000. At the time of purchase, Torres's assets had the following book and appraisal values Book Values $212,000 265,000 318,000 isal Values Land $159,000 371,000 318,000 Buildings To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made....
Plant acquisitions for selected companies are as follows. 1. Carla Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $938,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $268,000 $201,000 Buildings 335,000 469,000 Equipment 402,000 402,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land...
Current Attempt in Progress Plant acquisitions for selected companies are as follows. 1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $896,000. At the time of purchase, Torres's assets had the following book and appraisal values. Appraisal Values Book Values -rt $256,000 $192,000 Land Buildings 320,000 448,000 Equipment 384,000 384,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The...
1. Marigold Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $770,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $220,000 $165,000 Buildings 275,000 385,000 Equipment 330,000 330,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 165,000 Buildings 275,000 Equipment 330,000 Cash 770,000 2....
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. (Correction of Improper Cost Entries) Plant acquisitions for selected companies Book Values Appraisal Values less Land $200,000 $150,000 350,000 Buildings Equipment 250,000 300,000 300,000 To be conservative, the company decided to take the lower of the two values...
1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $868,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $248,000 $186,000 Buildings 310,000 434,000 Equipment 372,000 372,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 186,000 Buildings 310,000 Equipment 372,000 Cash 868,000 2....