taylor co made a lump sum purchase of land, buildings, and equipment for 220,000. the appraised...
Homework Answers
Total Appraised value = 20000+70000+210000 = 300000
Equipment = Lump sum value*Appraised value of equipment/Total Appraised value
= 220000*210000/300000
Equipment = 154000
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taylor co made a lump sum purchase of land, buildings, and
equipment for 220,000. the appraised...
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the...
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 35,000 Equipment 45,000 Bowie paid $65,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)
Rangers, Inc. purchased land, buildings and equipment at a lump-sum price of $1,000,000. An appraisal of...
Rangers, Inc. purchased land, buildings and equipment at a lump-sum price of $1,000,000. An appraisal of the assets at the time of acquisition disclosed the following values: Asset Cost Assigned to Asset Appraised Value $240,000 Land Buildings 600,000 Equipment 360,000 Provide the cost assigned to each asset in the space provided.
please show work company made alumo sum purchase of and Following were the appraised values of...
please show work
company made alumo sum purchase of and Following were the appraised values of each eleme PPOL Liemens Land $10.000 Building 20,000 Equipment 30,000 Alpha paid $45,000 cash for the lump sum purchase. What value should be loc to the following? (Enter only whole dollar values.) 1. Land 45,000 - 2tlo 2. Building 10,000 120,000 #30,000 3. Equipment 4.000.000 Cash
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of e...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
1. Marigold Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for...
1. Marigold Industries Inc. acquired land,
buildings, and equipment from a bankrupt company, Torres Co., for a
lump-sum price of $770,000. At the time of purchase, Torres’s
assets had the following book and appraisal values.
Book Values
Appraisal Values
Land
$220,000
$165,000
Buildings
275,000
385,000
Equipment
330,000
330,000
To be conservative, the company decided to take the lower of the
two values for each asset acquired. The following entry was
made.
Land
165,000
Buildings
275,000
Equipment
330,000
Cash
770,000
2....
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for...
1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $868,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $248,000 $186,000 Buildings 310,000 434,000 Equipment 372,000 372,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 186,000 Buildings 310,000 Equipment 372,000 Cash 868,000 2....
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment...
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. (Correction of Improper Cost Entries) Plant acquisitions for selected companies Book Values Appraisal Values less Land $200,000 $150,000 350,000 Buildings Equipment 250,000 300,000 300,000 To be conservative, the company decided to take the lower of the two values...
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?
S9-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase...
S9-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase of land, building and equipment. At the time of the acquisition, the land had a market value of $110.000 the building $88,000, and the equipment $22,000. Journalize the lump-sum purchase of the three assets for a total cost of $210,000, the amount for which the business signed a note payable.
Rangers, Inc. purchased land, buildings and equipment at a lump-sum price of $1,000,000. An appraisal of the assets at the time of acquisition disclosed the following values: Asset Cost Assigned to Asset Appraised Value $240,000 Land Buildings 600,000 Equipment 360,000 Provide the cost assigned to each asset in the space provided.
please show work
company made alumo sum purchase of and Following were the appraised values of each eleme PPOL Liemens Land $10.000 Building 20,000 Equipment 30,000 Alpha paid $45,000 cash for the lump sum purchase. What value should be loc to the following? (Enter only whole dollar values.) 1. Land 45,000 - 2tlo 2. Building 10,000 120,000 #30,000 3. Equipment 4.000.000 Cash
1. Marigold Industries Inc. acquired land,
buildings, and equipment from a bankrupt company, Torres Co., for a
lump-sum price of $770,000. At the time of purchase, Torres’s
assets had the following book and appraisal values.
Book Values
Appraisal Values
Land
$220,000
$165,000
Buildings
275,000
385,000
Equipment
330,000
330,000
To be conservative, the company decided to take the lower of the
two values for each asset acquired. The following entry was
made.
Land
165,000
Buildings
275,000
Equipment
330,000
Cash
770,000
2....
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. (Correction of Improper Cost Entries) Plant acquisitions for selected companies Book Values Appraisal Values less Land $200,000 $150,000 350,000 Buildings Equipment 250,000 300,000 300,000 To be conservative, the company decided to take the lower of the two values...
S9-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase of land, building and equipment. At the time of the acquisition, the land had a market value of $110.000 the building $88,000, and the equipment $22,000. Journalize the lump-sum purchase of the three assets for a total cost of $210,000, the amount for which the business signed a note payable.
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