1.A | Allocation of total cost | Appraied Value | % of Total Appraised value | Total cost of Acquisition | Apportioned Cost |
Building | $ 462,950 | 47% | $ 850,000 | $ 399,500 | |
Land | $ 295,500 | 30% | $ 850,000 | $ 255,000 | |
Land Improvement | $ 59,100 | 6% | $ 850,000 | $ 51,000 | |
Vehicles | $ 167,450 | 17% | $ 850,000 | $ 144,500 | |
$ 985,000 | 100% | $ 850,000 | |||
1.B | Date | General Journal | Debit | Credit | |
Jan-01 | Building | $ 399,500 | |||
Land | $ 255,000 | ||||
Land Improvement | $ 51,000 | ||||
Vehicles | $ 144,500 | ||||
Cash | $ 850,000 | ||||
2 | = (399500-31000)/15 | $ 24,566.67 | |||
3 | = (100%/5)*2*51000 | $ 20,400.00 |
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Timberly Construction negotiates a lump-sum purchase of several assets from a company that is goi...
Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $840,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $487,050, land, $296,050, land improvements, $47,750, and four vehicles, $124,150. The company's fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $800.000 for a building. land, land improvements, and four vehicles. The estimated market values of the assets are building. $476,850: land. $317.900: land improvements, $56,100; and four vehicles. $84,750. The company's fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $810,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $497,500; land, $298,500; land improvements, $69,650; and four vehicles $129,350. The company's fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $900,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. The company's fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017 at a total cash price of $800,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building. $444,000; land, $259,000 land improvements, $37,000, and four vehicles, $185,000. The company's fiscal year ends on December 31 Required: 1-a. Prepare a table to allocate the lump sum...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $830,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $494,000; land, $323,000; land improvements, $38,000; and four vehicles, $95,000. The company’s fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $810,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $446,200; land, $320,100; land improvements, $48,500; and four vehicles, $155,200. The company’s fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $800,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $482,500; land, $308,800; land improvements, $38,600; and four vehicles, $135,100. The company’s fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $850,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $471,750; land, $286,750; land improvements, $46,250; and four vehicles, $120,250. The company’s fiscal year ends on December 31. Required: 1-a. Prepare a table to allocate the lump-sum purchase price...
Chapter 08 Homework i Saved 14 Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2018, at a total cash price of $810,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $425,500; land, $249,750; land improvements, $64,750; and four vehicles, $185,000. The company's fiscal year ends on December 31. points Required: 1-a. Prepare a...