Exercise 7-1A Record purchase of land (LO7-1) McCoy's Fish House purchases a tract of land and...
Exercise 7-1A Record purchase of land (LO7-1)
McCoy's Fish House purchases a tract of land and an existing building for $800,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $1,000. The company also pays $10,000 in property taxes, which includes $7,000 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $3,000 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $40,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $5,200 and pays an additional $11,100 to level the land.
Required:
Determine the amount McCoy’s Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.)
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Exercise 7-1A Record purchase of land (LO7-1)
McCoy's Fish House purchases a tract of land and...
This is a 10 part question in accounting, Thanks! McCoy's Fish House purchases a tract of...
This is a 10 part question in accounting, Thanks!
McCoy's Fish House purchases a tract of land and an existing building for $980,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title Insurance of $2.800. The company also pays $13.600 In property taxes, which includes $8.800 of back taxes (unpald taxes from previous years) paid by McCoy on behalf of the...
On December 1, 2017, East Co. purchased a tract of land as a factory site for $300,000. The old b...
On December 1, 2017, East Co. purchased a tract of land as a factory site for $300,000. The old building on the property was razed and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2017 were as follows: Cost to raze old building $25,000 Legal fees for purchase contract and to record ownership 5,000 Title guarantee insurance 6,000 Proceeds from sale of salvaged materials 4,000 In East's December 31, 2017 Balance Sheet,...
Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company purchased land as a f...
Problem 7-1B Determine the acquisition cost of land and building
(LO7-1)
The Italian Pizza
Company purchased land as a factory site for $89,000. Prior to
construction of the new building, the land had to be cleared of
trees and brush. Construction costs incurred during the first year
are listed below:
Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company purchased land as a factory site for $89,000. Prior to construction of the new building,...
Online Assignment #1: Determine the acquisition cost of land and building P7-1A The Italian Bread Company...
Online Assignment #1: Determine the acquisition cost of land and building P7-1A The Italian Bread Company purchased land as a factory site for $70,000. An old building on the . property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows: Demolition of old building Sale of salvaged materials Architect fees (for new building) Legal fees (for title investigation of land) Property taxes on the land (for the first year) Building...
exercise 10-2 and 10-3 please Cala Manufacturing purchases land for $390,000 as part of its plans...
exercise 10-2 and 10-3 please
Cala Manufacturing purchases land for $390,000 as part of its plans to build a new plant. The company pays $33,500 to tear down an old building on the lot and $47,000 to fill and level the lot. It also pays con- struction costs of $1,452,200 for the new building and $87,800 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid...
Check my Problem 7-1B Determine the acquisition cost of land and building (LO7-1) 1.66 points The...
Check my Problem 7-1B Determine the acquisition cost of land and building (LO7-1) 1.66 points The Italian Pizza Company purchased land as a factory site for $85,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: eBook Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first...
Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $12,200, terms...
Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $12,200, terms 1/10, n/60, FOB shipping point. The seller prepaid the $276 freight charges, adding the amount to the invoice and bringing its total to $12,476. The machine requires special steel mounting and power connections costing $843. Another $398 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting. $290 in damages occurred. Materials costing $40 are...
e Cambridge Business Publishee Accounting for Long-Lived and Intangible Assets Chapter 9 PROBLEMS-SET A P9-1A. Acquisition...
e Cambridge Business Publishee Accounting for Long-Lived and Intangible Assets Chapter 9 PROBLEMS-SET A P9-1A. Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) LO1 related to the construction of a new home office for Norma Company. Cost of land site, which included an old apartment building appraised at $75,000 Legal fees, including fee for title search. .. Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $12.600, but was able to sell scrap from the building for $1.500. The cost of title Insurance was 5870 and attomey fees for reviewing the contract were 5120 Property taxes paid were 2.200, of which $300 covered the period subsequent to the purchase date....
This is a 10 part question in accounting, Thanks!
McCoy's Fish House purchases a tract of land and an existing building for $980,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title Insurance of $2.800. The company also pays $13.600 In property taxes, which includes $8.800 of back taxes (unpald taxes from previous years) paid by McCoy on behalf of the...
Problem 7-1B Determine the acquisition cost of land and building
(LO7-1)
The Italian Pizza
Company purchased land as a factory site for $89,000. Prior to
construction of the new building, the land had to be cleared of
trees and brush. Construction costs incurred during the first year
are listed below:
Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company purchased land as a factory site for $89,000. Prior to construction of the new building,...
Online Assignment #1: Determine the acquisition cost of land and building P7-1A The Italian Bread Company purchased land as a factory site for $70,000. An old building on the . property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows: Demolition of old building Sale of salvaged materials Architect fees (for new building) Legal fees (for title investigation of land) Property taxes on the land (for the first year) Building...
exercise 10-2 and 10-3 please
Cala Manufacturing purchases land for $390,000 as part of its plans to build a new plant. The company pays $33,500 to tear down an old building on the lot and $47,000 to fill and level the lot. It also pays con- struction costs of $1,452,200 for the new building and $87,800 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid...
Check my Problem 7-1B Determine the acquisition cost of land and building (LO7-1) 1.66 points The Italian Pizza Company purchased land as a factory site for $85,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: eBook Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first...
Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $12,200, terms 1/10, n/60, FOB shipping point. The seller prepaid the $276 freight charges, adding the amount to the invoice and bringing its total to $12,476. The machine requires special steel mounting and power connections costing $843. Another $398 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting. $290 in damages occurred. Materials costing $40 are...
e Cambridge Business Publishee Accounting for Long-Lived and Intangible Assets Chapter 9 PROBLEMS-SET A P9-1A. Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) LO1 related to the construction of a new home office for Norma Company. Cost of land site, which included an old apartment building appraised at $75,000 Legal fees, including fee for title search. .. Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $12.600, but was able to sell scrap from the building for $1.500. The cost of title Insurance was 5870 and attomey fees for reviewing the contract were 5120 Property taxes paid were 2.200, of which $300 covered the period subsequent to the purchase date....
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