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| Timmy Co. | ||||||
| Particulars | Fair Value | Weight % | Remarks | Lump sum | Valuation | Remarks |
| Land | 600,000.00 | 60.00% | This is $ 600,000/ $ 1,000,000. | 800,000.00 | 480,000.00 | This is $ 800,000* 60%. |
| Building | 400,000.00 | 40.00% | This is $ 400,000/ $ 1,000,000. | 800,000.00 | 320,000.00 | This is $ 800,000* 40%. |
| 1,000,000.00 | 800,000.00 | |||||
| So value of: | ||||||
| Land is $ 480,000. | ||||||
| Building is $ 320,000. |
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On January 1, 2015 Timmy Co, purchased a tract of land and a building for a...
B) On January 1, 2017 Timmy Co, purchased a tract of land and a building for...
B) On January 1, 2017 Timmy Co, purchased a tract of land and a building for a total of $800,000. At the date of acquisition, the fair (appraised) value of the land and building was $600,000, and $400,000, respectively. Timmy depreciates its fixed assets using the straight-line method over twenty years with a residual value of $50,000. REQUIRED: Illustrate the plant assets section of the balance sheet as of December 31, 2018.
any ls Constructor 8. On April 1, Mooney Corporation purchased for $1,620,000 a tract of land...
any ls Constructor 8. On April 1, Mooney Corporation purchased for $1,620,000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $600,000 Warehouse $560,000 400,000 Office building 360,000 800,000 680,000 $1,800,000 $1,600,000 What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively? A) Land, $550,000; warehouse, $370,000; office building. $680,000. B) Land, $600,000; warehouse,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $80,000, the building's fair value is $53,000, and the equipment's fair value is $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $145,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $84,000, the building's fair value is $53,000, and the equipment's fair value is $10,000. Journalize the lump-sum purchase of the three assets for a total cost of $142,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
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....
Exercise 10-3 Acquisition costs; lump-sum acquisition (LO10-1, 10-2) Samtech Manufacturing purchased land and building for $3...
Exercise 10-3 Acquisition costs; lump-sum acquisition (LO10-1, 10-2) Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $30,000 7.000 50.000 5,400 - An independent appraisal estimated the fair values of the land and building. If purchased separately, at $3 and...
Group Purchase – Lump Sum Purchase Price: Smith Co. paid $100,000 to acquire land, building, and...
Group Purchase – Lump Sum Purchase Price: Smith Co. paid $100,000 to acquire land, building, and equipment. At the time of the acquisition, appraisal values for the individual assets were determined as: land, $30,000; building, $60,000; and equipment, $30,000. What cost should be allocated to the land, building and equipment, respectively?
In January 2017, Mitzu Co. pays $2,750,000 for a tract of land with two buildings on...
In January 2017, Mitzu Co. pays $2,750,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $690,000, with a useful life of 20 years and a $75,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $540,000 that are expected to last another 18 years with no...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
B) On January 1, 2017 Timmy Co, purchased a tract of land and a building for a total of $800,000. At the date of acquisition, the fair (appraised) value of the land and building was $600,000, and $400,000, respectively. Timmy depreciates its fixed assets using the straight-line method over twenty years with a residual value of $50,000. REQUIRED: Illustrate the plant assets section of the balance sheet as of December 31, 2018.
any ls Constructor 8. On April 1, Mooney Corporation purchased for $1,620,000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $600,000 Warehouse $560,000 400,000 Office building 360,000 800,000 680,000 $1,800,000 $1,600,000 What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively? A) Land, $550,000; warehouse, $370,000; office building. $680,000. B) Land, $600,000; warehouse,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $80,000, the building's fair value is $53,000, and the equipment's fair value is $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $145,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $84,000, the building's fair value is $53,000, and the equipment's fair value is $10,000. Journalize the lump-sum purchase of the three assets for a total cost of $142,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
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....
Exercise 10-3 Acquisition costs; lump-sum acquisition (LO10-1, 10-2) Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $30,000 7.000 50.000 5,400 - An independent appraisal estimated the fair values of the land and building. If purchased separately, at $3 and...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
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