Given Data: Cost of tract of land and two buildings $ 540,000 Appraisal value of Building B...
| Given Data: | |||||
| Cost of tract of land and two buildings | $ 540,000 | ||||
| Appraisal value of Building B | $ 189,108 | ||||
| Value of Land Improvements B | $ 50,058 | ||||
| Estimated value of Land | $ 317,034 | ||||
| Cost to demolish Building A | $ 46,800 | ||||
| Cost to landscape new building site | $ 69,000 | ||||
| Cost to construct new building (Building C) | $ 542,400 | ||||
| Cost of new land improvements (Land Improvements C) | $ 40,500 | ||||
| Part 1 | |||||
| Land | Building B | Building C | Land Improvements B | Land Improvements C | |
| Purchase price* | |||||
| Demolition | |||||
| Landscaping | |||||
| New building | |||||
| New improvements | |||||
| Total | |||||
| *Allocation of purchase price | |||||
Homework Answers
Calculation of Value of Building C :-
| Amount ($) | |
| Cost of Tract of land and Two Building (A and B) | 540000 |
| Less : Appraisal Value of Building B | 189108 |
| Less : Estimated Value of Land | 317034 |
| Value of Building A | 33858 |
Building A will be demolished and building C will be constructed in its place, hence value of building A will be assigned to cost of Building C
| Land | Building B | Building C | Land Improvement B | Land Improvement C | |
| Purchase Price | 317034 | 189108 | 33858 | ||
| Demolition | 46800 | ||||
| Landscaping | 69000 | ||||
| New Building | 542400 | ||||
| New Improvements | 50058 | 40500 | |||
| Total | 317034 | 189108 | 623058 | 50058 | 109500 |
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