Homework Answers
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Purchase cost of the land = Purchase price - Salvage + demolition cost + Land preparation = 650,000 - 23,000 + 23,000 + 7,500 = 657,500 |
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Purchase price of the land $650,000 $ 23,000 $ 23,000 $ 1,000 $ 7,500 Sale of salvaged parts already on land Demolition...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $ 19,000 6,500 39,000 4,300 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.7 and $1.3 million, respectively. Shortly after acquisition, Samtech spent...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson made the following expenditures in connection with the purchase of the land and building: Title insurance $12,000 Legal fees for drawing the contract 3,000 Pro-rated property taxes for the period after acquisition 23,000 State transfer fees 2,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $1.8 and $0.9 million, respectively. Shortly after acquisition, Rembson spent $67,000...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech...
Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance $ 23,000 Legal fees for drawing the contract 8,500 Pro-rated property taxes for the period after acquisition 43,000 State transfer fees 4,700 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $2 million, respectively. Shortly after acquisition, Samtech spent...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance $ 21,000 Legal fees for drawing the contract 7,500 Pro-rated property taxes for the period after acquisition 41,000 State transfer fees 4,500 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.9 and $1.1 million, respectively. Shortly after acquisition, Samtech spent...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance $ 31,000 Legal fees for drawing the contract 7,500 Pro-rated property taxes for the period after acquisition 51,000 State transfer fees 5,500 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.5 and $1.5 million, respectively. Shortly after acquisition, Samtech spent...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $ 19,000 6,500 39,000 4,300 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.7 and $1.3 million, respectively. Shortly after acquisition, Samtech spent...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson made the following expenditures in connection with the purchase of the land and building: Title insurance $12,000 Legal fees for drawing the contract 3,000 Pro-rated property taxes for the period after acquisition 23,000 State transfer fees 2,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $1.8 and $0.9 million, respectively. Shortly after acquisition, Rembson spent $67,000...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
1) A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business $270,000 4,000 20,000 2,000 60,000 15,000 90,000 5,000 What is the cost of the land? A) $270,000. B) $296,000. C) $356,000. D) $294,000. E) None of the above. 2) Equipment costing $40,000with a book value of...
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