Homework Answers
| Answer -1 |
| Option A is Correct |
|
company should record the land amounting fair value proportion of the total cash consideration, |
| Land value = $ 1600,000*200,000/2,000,000 = $ 160,000. |
| Answer is A |
| Correct answer--------$923,972 | |||
| Option B is correct | |||
| Working | |||
| Year | Amount paid | PV factor @7% | Present value of payment |
| 0 | $195,000.00 | 1 | $ 195,000 |
| 1 | $780,000.00 | 0.93458 | $ 728,972 |
| Present value of payment and cost of land to be recorded | $ 923,972 | ||
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Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
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explain please!
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