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Carver Inc. purchased a building and the land on which the building is situated for a...
Carver Inc. purchased a building and the land on which the building is situated for a...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $859700 cash. The land was appraised at $168,071 and the building at $820,584. Required b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers...
Carver Inc. purchased a building and the land on which the building is situated for a...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $939,300 cash. The land was appraised at $248,445 and the building at $831,750. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a statements model like the following one. d. Record the purchase...
Exercise 8-5A Allocating costs on the basis of relative market values LO 8-1 Carver Inc. purchased...
Exercise 8-5A Allocating costs on the basis of relative market values LO 8-1 Carver Inc. purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000. Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would...
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $198.000: land Improvements are appraised at $44.000, and a building is appraised at $198.000 Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required! Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2...
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $84,000; and a building is appraised at $147,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $61,500; and a building is appraised at $164,000. points Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Hint Allocate the total cost among the three assets. (Round your "Apportioned...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $193,500; land improvements are appraised at $64,500; and a building is appraised at $172,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $225,000, land improvements are appraised at $75,000, and a building is appraised at $200,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $211,500; land improvements are appraised at $94,000; and a building is appraised at $164,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. ok Complete this question by entering your answers in the tabs below. nt ant Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned...
Rodriguez Company pays $394,875 for real estate with land, land improvements, and a bulding, Land is...
Rodriguez Company pays $394,875 for real estate with land, land improvements, and a bulding, Land is appraised at $265.000;land Improvements are appraised at $53,000, and a building is appraised at $212,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required Required Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.)...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $859700 cash. The land was appraised at $168,071 and the building at $820,584. Required b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers...
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $939,300 cash. The land was appraised at $248,445 and the building at $831,750. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a statements model like the following one. d. Record the purchase...
Exercise 8-5A Allocating costs on the basis of relative market values LO 8-1 Carver Inc. purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000. Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would...
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $198.000: land Improvements are appraised at $44.000, and a building is appraised at $198.000 Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required! Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2...
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $84,000; and a building is appraised at $147,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $61,500; and a building is appraised at $164,000. points Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Hint Allocate the total cost among the three assets. (Round your "Apportioned...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $193,500; land improvements are appraised at $64,500; and a building is appraised at $172,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $225,000, land improvements are appraised at $75,000, and a building is appraised at $200,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $211,500; land improvements are appraised at $94,000; and a building is appraised at $164,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. ok Complete this question by entering your answers in the tabs below. nt ant Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned...
Rodriguez Company pays $394,875 for real estate with land, land improvements, and a bulding, Land is appraised at $265.000;land Improvements are appraised at $53,000, and a building is appraised at $212,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required Required Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.)...
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