On December 1, 2017, East Co. purchased a tract of land as a factory site for $300,000. The old b...
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On December 1, 2017, East Co. purchased a tract of land as a factory site for $300,000. The old b...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $71,000. An old...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $71,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building $ 9,500 Architect’s fees (for new building) 10,000 Legal fees for title investigation of land 7,500 Property taxes on land (for period beginning March 1, 2021) 4,100 Construction costs 610,000 Interest on...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $76,000. An old...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $76,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building $ 7,000 Architect’s fees (for new building) 15,000 Legal fees for title investigation of land 3,500 Property taxes on land (for period beginning March 1, 2021) 4,600 Construction costs 660,000 Interest on...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $63,000. An old...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $63,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 5,500 15,000 3,500...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $74,000. An old...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $74,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 6,000 13,000 2,500...
On February 1, 2020, Sheridan Company purchased a parcel of land as a factory site for...
On February 1, 2020, Sheridan Company purchased a parcel of land as a factory site for $324000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 19300 Architect's fees 35700 Legal fees for title investigation and purchase contract 4100 Construction costs 1387000 (Salvaged materials resulting from demolition were sold for $10300.) Sheridan should record...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $75,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are list
On March 1, 2021, Beldon Corporation purchased land as a factory site for $75,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building$6,500Architect’s fees (for new building)14,000Legal fees for title investigation of land3,000Property taxes on land (for period beginning March 1, 2021)4,500Construction costs650,000Interest on construction loan7,500 Salvaged materials resulting from the demolition of the old building were...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 4,000 12,000 2,000...
On February 1, 2013, Edwards Corporation purchased a parcel of land as a factory site for...
On February 1, 2013, Edwards Corporation purchased a parcel of land as a factory site for $250,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2013. Edwards has no debt. Costs incurred during this period were: Demolition of old building $6,000 Sale of salvaged materials from the demolition 1,000 Architects’ fees 12,000 Legal fees for land purchase 2,000 Construction costs 600,000 Required: At what amount should Edwards...
Sandhill Co. purchased land as a factory site for $496,000. The process of tearing down two old buildings on the site an...
Sandhill Co. purchased land as a factory site for $496,000. The
process of tearing down two old buildings on the site and
constructing the factory required 6 months.
The company paid $52,080 to raze the old buildings and sold
salvaged lumber and brick for $7,812. Legal fees of $2,294 were
paid for title investigation and drawing the purchase contract.
Sandhill paid $2,728 to an engineering firm for a land survey, and
$84,320 for drawing the factory plans. The land survey...
A company purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incur...
A company purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $75,000 15,000 10,000 What would be the capitalized cost of the land? Multiple Choice 0 O $500,000 0 $575,000 0 $580,000. 0 $590,000
On March 1, 2021, Beldon Corporation purchased land as a factory site for $63,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 5,500 15,000 3,500...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $74,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 6,000 13,000 2,500...
On February 1, 2020, Sheridan Company purchased a parcel of land as a factory site for $324000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 19300 Architect's fees 35700 Legal fees for title investigation and purchase contract 4100 Construction costs 1387000 (Salvaged materials resulting from demolition were sold for $10300.) Sheridan should record...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 4,000 12,000 2,000...
Sandhill Co. purchased land as a factory site for $496,000. The
process of tearing down two old buildings on the site and
constructing the factory required 6 months.
The company paid $52,080 to raze the old buildings and sold
salvaged lumber and brick for $7,812. Legal fees of $2,294 were
paid for title investigation and drawing the purchase contract.
Sandhill paid $2,728 to an engineering firm for a land survey, and
$84,320 for drawing the factory plans. The land survey...
A company purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $75,000 15,000 10,000 What would be the capitalized cost of the land? Multiple Choice 0 O $500,000 0 $575,000 0 $580,000. 0 $590,000
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