Homework Answers
|
Particulars |
Amount ($) |
|
Site 101 purchased inclusive of building |
680,000 |
|
Add: Real Estate Broker's Commission |
48,960 |
|
Add: Legal Fees |
8,160 |
|
Add: Title Guarantee Insurance |
24,480 |
|
Add: Demolition of Building |
73,440 |
|
Total Cost of Acquisition |
835,040 |
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On January 1, 2020, Marigold Corporation purchased for $680.000 a tract of land (site number 101)...
Problem 10-5 On January 1, 2020, Sheridan Corporation purchased for $680,000 a tract of land (site...
Problem 10-5
On January 1, 2020, Sheridan Corporation purchased for $680,000 a
tract of land (site number 101) with a building. Sheridan paid a
real estate broker’s commission of $48,960, legal fees of $8,160,
and title guarantee insurance of $24,480. The closing statement
indicated that the land value was $680,000 and the building value
was $136,000. Shortly after acquisition, the building was razed at
a cost of $73,440.
Sheridan entered into a $4,080,000 fixed-price contract with
Slatkin Builders, Inc. on...
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On March 1, 2021, Beldon Corporation purchased land as a factory site for $71,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building $ 9,500 Architect’s fees (for new building) 10,000 Legal fees for title investigation of land 7,500 Property taxes on land (for period beginning March 1, 2021) 4,100 Construction costs 610,000 Interest on...
Chapter 11 wepreciation Depreciation m oglimento poinment, and Disposol and ding for sive on Bröding's valce...
Chapter 11 wepreciation Depreciation m oglimento poinment, and Disposol and ding for sive on Bröding's valce insuradditional 2019. Brock Corporation purchased a tracto of 536,0Value was,000,019, for the conock enterede was Sicc of $18, Boock paid a real estate broker's comd that the lat a cost March occupied orporation purchased a tract Comprehensive On January 2, 2019, Brock building for S600,000. Additionally, Brock paida and title guarantee insurance of Buarantee insurance of si8.000. The closing ilding's value was $100,000. Shortly...
Problem 10-5
On January 1, 2020, Sheridan Corporation purchased for $680,000 a
tract of land (site number 101) with a building. Sheridan paid a
real estate broker’s commission of $48,960, legal fees of $8,160,
and title guarantee insurance of $24,480. The closing statement
indicated that the land value was $680,000 and the building value
was $136,000. Shortly after acquisition, the building was razed at
a cost of $73,440.
Sheridan entered into a $4,080,000 fixed-price contract with
Slatkin Builders, Inc. on...
On January 1, 2020, Marin Corporation purchased for $720,000 a tract of land (site number 101) with a building. Marin paid a real estate broker's commission of $51,840, legal fees of $8,640, and title guarantee insurance of $25,920. The closing statement indicated that the land value was $720,000 and the building value was $144,000. Shortly after acquisition, the building was razed at a cost of $77,760. Marin entered into a $4,320,000 fixed-price contract with Slatkin Builders, Inc. on March 1,...
On January 1, 2018, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $620,000. Additionally, Blackstone paid a real estate broker's commission of $38,000, legal fees of $7,000, and title insurance of $19,000. The closing statement indicated that the land value was $510,000 and the building value was $110,000. Shortly after acquisition, the building was razed at a cost of $77,000. Blackstone entered into a $3,200,000 fixed-price contract with Barnett Builders, Inc., on March...
Question 9 --/1 View Policies Current Attempt in Progress On January 1, 2020, Blue Corporation purchased for $620,000 a tract of land (site number 101) with a building. Blue paid a real estate broker's commission of $44,640, legal fees of $7,440, and title guarantee insurance of $22,320. The closing statement indicated that the land value was $620,000 and the building value was $124,000. Shortly after acquisition, the building was razed at a cost of $66,960. Blue entered into a $3,720,000...
Chapter 11 wepreciation Depreciation m oglimento poinment, and Disposol and ding for sive on Bröding's valce insuradditional 2019. Brock Corporation purchased a tracto of 536,0Value was,000,019, for the conock enterede was Sicc of $18, Boock paid a real estate broker's comd that the lat a cost March occupied orporation purchased a tract Comprehensive On January 2, 2019, Brock building for S600,000. Additionally, Brock paida and title guarantee insurance of Buarantee insurance of si8.000. The closing ilding's value was $100,000. Shortly...
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