On January 1, 2018, the Blackstone Corporation purchased a tract of land (site number 11) with...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $630,000. Additionally, Blackstone paid a real estate broker's commission of $39,000, legal fees of $7,500, and title insurance of $19,500. The closing statement indicated that the land value was $515,000 and the building value was $115,000. Shortly after acquisition, the building was razed at a cost of $78,000. Blackstone entered into a $3,300,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2020, Marin Corporation purchased for $720,000 a tract of land (site number 101) with a building. Marin paid a real estate broker's commission of $51,840, legal fees of $8,640, and title guarantee insurance of $25,920. The closing statement indicated that the land value was $720,000 and the building value was $144,000. Shortly after acquisition, the building was razed at a cost of $77,760. Marin entered into a $4,320,000 fixed-price contract with Slatkin Builders, Inc. on March 1,...
On January 1, 2020, Marigold Corporation purchased for $680.000 a tract of land (site number 101) with a building Marigold paid a real estate broker's commission of $48,960, legal fees of $8,160, and title guarantee insurance of $24.480. The dosing statement indicated that the land value was $680,000 and the building value was $136,000. Shortly after acquisition, the building was razed at a cost of $73,440. Marigold entered into a $4,080,000 fixed-price contract with Slatkin Builders, Inc. on March 1,...
Problem 10-5 On January 1, 2020, Sheridan Corporation purchased for $680,000 a tract of land (site number 101) with a building. Sheridan paid a real estate broker’s commission of $48,960, legal fees of $8,160, and title guarantee insurance of $24,480. The closing statement indicated that the land value was $680,000 and the building value was $136,000. Shortly after acquisition, the building was razed at a cost of $73,440. Sheridan entered into a $4,080,000 fixed-price contract with Slatkin Builders, Inc. on...
Question 9 --/1 View Policies Current Attempt in Progress On January 1, 2020, Blue Corporation purchased for $620,000 a tract of land (site number 101) with a building. Blue paid a real estate broker's commission of $44,640, legal fees of $7,440, and title guarantee insurance of $22,320. The closing statement indicated that the land value was $620,000 and the building value was $124,000. Shortly after acquisition, the building was razed at a cost of $66,960. Blue entered into a $3,720,000...
Chapter 11 wepreciation Depreciation m oglimento poinment, and Disposol and ding for sive on Bröding's valce insuradditional 2019. Brock Corporation purchased a tracto of 536,0Value was,000,019, for the conock enterede was Sicc of $18, Boock paid a real estate broker's comd that the lat a cost March occupied orporation purchased a tract Comprehensive On January 2, 2019, Brock building for S600,000. Additionally, Brock paida and title guarantee insurance of Buarantee insurance of si8.000. The closing ilding's value was $100,000. Shortly...
Exercise 10-1 Acquisition costs; land and building [LO10-1] On March 1, 2018, Beldon Corporation purchased land as a factory site for $73,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2018. Costs incurred during this period are listed below: Demolition of old building $ 5,500 Architect’s fees (for new building) 12,000 Legal fees for title investigation of land 2,000 Property taxes on land (for period beginning March...