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3. (LO 1) AP Asura Company purchased land, a building, and equipment for a package price...
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...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $190,000, the building's current market value is 599,000 and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then joumalize the lump sum purchase of the three assets. The business signs a note...
P9.3A (LO 1, 2) AP Payne Company purchased equipment on account on September 3, 2019, at...
P9.3A
(LO 1, 2) AP Payne Company
purchased equipment on account on September 3, 2019, at an invoice
price of $210,000. On September 4, 2019, it paid $4,400 for
delivery of the equipment. A one-year, $1,975 insurance policy on
the equipment was purchased on September 6, 2019. On September 20,
2019, Payne paid $5,600 for installation and testing of the
equipment. The equipment was ready for use on October 1, 2019.
Payne estimates that the equipment's useful life will be...
5 points Save Ans A company purchased land, a building, and equipment for one price of...
5 points Save Ans A company purchased land, a building, and equipment for one price of $1,750,000. The estimated fair values of the land building and equipment are 5218.750.51531250 and $437 500 respectively. At what amount would the company record the land? $218.750 $1,750,000 $175,000 $185.000
A company purchased land, a building, and equipment for one price of $1,600,000. The estimated fair...
A company purchased land, a building, and equipment for one price of $1,600,000. The estimated fair values of the land, building, and equipment are $200,000, $1,400,000, and $400,000, respectively. At what amount would the company record the land? Multiple Choice $160,000 o $170,000 $200,000 O $1,600,000 On July 1, 2021, Markwell Company acquired equipment. Markwell paid $195,000 in cash on July 1, 2021, and signed a $780,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022....
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $198,000, the building's current market value is $99,000, and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable...
Acquisition of Land and Building On February 1, 2019, Edwards Corporation purchased a parcel of land...
Acquisition of Land and Building On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $120,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2019. Costs incurred during this period are: Demolition of old building $ 10,000 Architect's fees 20,000 Legal fees for title investigation and purchase contract 5,000 Construction costs 625,000 Edwards sold salvaged materials resulting from the demolition for...
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...
1.A company acquired an office building on three acres of land for a lump-sum price of...
1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent appraisals, the fair values were $1,840,000, $1,380,000, and $1,380,000 for the building, land, and equipment, respectively. At what amount would the company record the building? $1,860,000. None of these answer choices are correct. $1,160,000. $1,320,000. 2. A company purchased new equipment for $61,000. The company paid cash for the equipment. Other costs associated with the...
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...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $190,000, the building's current market value is 599,000 and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then joumalize the lump sum purchase of the three assets. The business signs a note...
P9.3A
(LO 1, 2) AP Payne Company
purchased equipment on account on September 3, 2019, at an invoice
price of $210,000. On September 4, 2019, it paid $4,400 for
delivery of the equipment. A one-year, $1,975 insurance policy on
the equipment was purchased on September 6, 2019. On September 20,
2019, Payne paid $5,600 for installation and testing of the
equipment. The equipment was ready for use on October 1, 2019.
Payne estimates that the equipment's useful life will be...
5 points Save Ans A company purchased land, a building, and equipment for one price of $1,750,000. The estimated fair values of the land building and equipment are 5218.750.51531250 and $437 500 respectively. At what amount would the company record the land? $218.750 $1,750,000 $175,000 $185.000
A company purchased land, a building, and equipment for one price of $1,600,000. The estimated fair values of the land, building, and equipment are $200,000, $1,400,000, and $400,000, respectively. At what amount would the company record the land? Multiple Choice $160,000 o $170,000 $200,000 O $1,600,000 On July 1, 2021, Markwell Company acquired equipment. Markwell paid $195,000 in cash on July 1, 2021, and signed a $780,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022....
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $198,000, the building's current market value is $99,000, and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable...
Acquisition of Land and Building On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $120,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2019. Costs incurred during this period are: Demolition of old building $ 10,000 Architect's fees 20,000 Legal fees for title investigation and purchase contract 5,000 Construction costs 625,000 Edwards sold salvaged materials resulting from the demolition for...
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...
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