Homework Answers
| Basket purchase - Allocation table ( Maplewood properties ) | |||||
| Allocation of total cost | Appraised value | % of total appraised value | Total cost of Acquisition | Apportioned cost | |
| Lot 1 | 144000 | 0.3 | 355000 | 106500 | |
| Lot 2 | 96000 | 0.2 | 355000 | 71000 | |
| Lot 3 | 240000 | 0.5 | 355000 | 177500 | |
| Total | 480000 | 1 | 355000 | ||
| Explanation | |||||
| Whenever a lumpsum amount is paid for various purchases and we are provided with the appraised value of those purchases | |||||
| then it is necessary to find the relative percentage of the appraised value and allocate the lump sum amount according to that | |||||
| percentage to various purchases to find the cost of acquisition of each individual item. | |||||
| Journal entry | |||||
| Land - Lot 1 | 106500 | ||||
| Land - Lot 2 | 71000 | ||||
| Land - Lot 3 | 177500 | ||||
| Cash | 355000 | ||||
Add Answer to:
E10-18 Making a lump-sum purchase of assets Maplewood Properties bought three lots in a subdivision for...
E9-18 Making a lump-sum purchase of assets Maplewood Properties bought three lots in a subdivision for...
E9-18 Making a lump-sum purchase of assets Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: dearcdeser Lot Appraised Value $ 144,000 96,000 240,000 Maplewood paid $355,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout.
preciate king a lump-sum purchase of assets E10-18 Making a lu Maplewood Properties be ties bought three lots in a...
preciate king a lump-sum purchase of assets E10-18 Making a lu Maplewood Properties be ties bought three lots in a subdivision for a lump sum price. An valued the lots as follows: independent appraiser valued the lot Learning Objective 1 Lot CHAPTER 16 Appraised Value $ 144,000 N 96,000 240,000 w Maplewood paid $355,000 in cash. Recor lot's cost in a separate Land acco computed percentages throughout. od paid $355,000 in cash. Record the purchase in the journal, identifying each...
Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued...
Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot 1 - 225,000 appraised value lot 2 - 100,000 appraised value lot 3 - 175,000 appraised value Samuel properties paid $ 380,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first,...
Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued...
Eastwood Properties bought three lots in a subdivision for a
lump-sum price. An independent appraiser valued the lots as
follows:
Eastwood paid$435,000 in cash. Record the purchase in the
journal, identifying each lot's cost in a separate Land account.
Round decimals to two places, and use the computed percentages
throughout. (Record a single compound journal entry. Record
debits first, then credits. Select the explanation on the last
line of the journal entry table.)
Lot $ Appraised Value 49,000 98,000 343,000...
All info needed is in the table included. Thank you Oakwood Properties bought three lots in a subdivision for a lump...
All info needed is in the table included. Thank you
Oakwood Properties bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Oakwood paid $210,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout (Record a single compound journal entry. Record debits first, then credits....
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought...
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $400,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits...
On thw journal entry I put the answer as: Land-Lot 1: Debit-> 106500 Land-Lot 2: Debit->...
On thw journal entry I put the answer as:
Land-Lot 1: Debit-> 106500
Land-Lot 2: Debit-> 71000
Land-lot 3: Debit-> 1775000
Cash: Credit-> 355000
but it came as wrong answer
Maplewood Properties bought the lots in a subdivision for a lump sum price. An independert appraiser valued the lots as follows: Click the icon to view the values :) Maplewood paid $55.000 in cash Record the purchase in the jour dentifying each lot's cost in a parte and count Round...
Southwood Properties bought the lots in a suivision for a lumpsum price. An independent proses vahend...
Southwood Properties bought the lots in a suivision for a lumpsum price. An independent proses vahend the lots as follows: (Click the icon to view the value) Southwood paid $266,000 inch Record the purchase in the jouw, detyg each lors cost in a pwal Land account Round decimals to two pies, and the computed percentage thoutout Hecord a single compound juntry Record debits first, then credits Select the explanation on the last line of the jument) Date Accounts and Explanation...
Part (4) 1) XYZ Corporation bought three lots in a subdivision for a lump sum price....
Part (4) 1) XYZ Corporation bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: Lot (1) 45,000 Lot (2) 292,500 and Lot (3) 112,500 XYZ Corporation paid $ 435,000 in cash. What is the amount allocated to Lot (272 A) S 300,000 B) S 255.000 C) S 282,750 D) $285,000 2) On January 1, 2018 Blue Corporation purchase a new truck with cost of 12,000 and savage value of $...
Please help. The requirements are the questions. Thanks Deadwood Manufacturing bought three used machines in a...
Please help. The requirements are the questions.
Thanks
Deadwood Manufacturing bought three used machines in a $148,000 lump-sum purchase. An independent appraiser valued the machines as shown: EEB(Click on the icon to view the appraised values.) Read the requirement culations.) X X Data Table Requirement Machine No. 1. What is each machine's individual cost? Immediately after making this purchase, Deadwood sold Machine No. 3 for its appraised value. What is the result of the sale? (Round decimals to three places...
E9-18 Making a lump-sum purchase of assets Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: dearcdeser Lot Appraised Value $ 144,000 96,000 240,000 Maplewood paid $355,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout.
preciate king a lump-sum purchase of assets E10-18 Making a lu Maplewood Properties be ties bought three lots in a subdivision for a lump sum price. An valued the lots as follows: independent appraiser valued the lot Learning Objective 1 Lot CHAPTER 16 Appraised Value $ 144,000 N 96,000 240,000 w Maplewood paid $355,000 in cash. Recor lot's cost in a separate Land acco computed percentages throughout. od paid $355,000 in cash. Record the purchase in the journal, identifying each...
Eastwood Properties bought three lots in a subdivision for a
lump-sum price. An independent appraiser valued the lots as
follows:
Eastwood paid$435,000 in cash. Record the purchase in the
journal, identifying each lot's cost in a separate Land account.
Round decimals to two places, and use the computed percentages
throughout. (Record a single compound journal entry. Record
debits first, then credits. Select the explanation on the last
line of the journal entry table.)
Lot $ Appraised Value 49,000 98,000 343,000...
All info needed is in the table included. Thank you
Oakwood Properties bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Oakwood paid $210,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout (Record a single compound journal entry. Record debits first, then credits....
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $400,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits...
On thw journal entry I put the answer as:
Land-Lot 1: Debit-> 106500
Land-Lot 2: Debit-> 71000
Land-lot 3: Debit-> 1775000
Cash: Credit-> 355000
but it came as wrong answer
Maplewood Properties bought the lots in a subdivision for a lump sum price. An independert appraiser valued the lots as follows: Click the icon to view the values :) Maplewood paid $55.000 in cash Record the purchase in the jour dentifying each lot's cost in a parte and count Round...
Southwood Properties bought the lots in a suivision for a lumpsum price. An independent proses vahend the lots as follows: (Click the icon to view the value) Southwood paid $266,000 inch Record the purchase in the jouw, detyg each lors cost in a pwal Land account Round decimals to two pies, and the computed percentage thoutout Hecord a single compound juntry Record debits first, then credits Select the explanation on the last line of the jument) Date Accounts and Explanation...
Part (4) 1) XYZ Corporation bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: Lot (1) 45,000 Lot (2) 292,500 and Lot (3) 112,500 XYZ Corporation paid $ 435,000 in cash. What is the amount allocated to Lot (272 A) S 300,000 B) S 255.000 C) S 282,750 D) $285,000 2) On January 1, 2018 Blue Corporation purchase a new truck with cost of 12,000 and savage value of $...
Please help. The requirements are the questions.
Thanks
Deadwood Manufacturing bought three used machines in a $148,000 lump-sum purchase. An independent appraiser valued the machines as shown: EEB(Click on the icon to view the appraised values.) Read the requirement culations.) X X Data Table Requirement Machine No. 1. What is each machine's individual cost? Immediately after making this purchase, Deadwood sold Machine No. 3 for its appraised value. What is the result of the sale? (Round decimals to three places...
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