Homework Answers
Total fair value = 84,000+53,000+10,000 = 147,000
| Land (84,000/147,000)*142,000 | 81,143 | |
| Buildings (53,000/147,000)*142,000 | 51,197 | |
| Equipment (10,000/147,000)*142,000 | 9660 | |
| 142,000 |
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Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $80,000, the building's fair value is $53,000, and the equipment's fair value is $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $145,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
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Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $80,000, the building $64,000, and the equipment $16,000. Journalize the lump-sum purchase of the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the...
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3. (LO 1) AP Asura Company purchased land, a building, and equipment for a package price of $190,000. The land's fair value at the time of acquisition was $75,000. The building's fair value was $80,000. The equipment's fair value was $50,000. What costs should be debited to the Land account?
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $225,000, land improvements are appraised at $75,000, and a building is appraised at $200,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to...
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