Homework Answers
Allocation
| Estimated fair value | Allocation percentage | Amount of basket purchase | Recorded Amount | |
| Land | 114000 | 30% | 280000 | 84000 |
| Building | 209000 | 55% | 280000 | 154000 |
| Equipment | 57000 | 15% | 280000 | 42000 |
| Total | 380000 | 280000 |
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Red Rock Bakery purchases land, building, and equipment for a single purchase price of $280,000. However,...
work Instructions help Question 7 (of 14) ® Serve & Exit Submit value: 5.00 points Red...
work Instructions help Question 7 (of 14) ® Serve & Exit Submit value: 5.00 points Red Rock Bakery purchases land, building, and equipment for a single purchase price of $420,000. However,the estimated fair values of the land, building, and equipment are $130,000, $312,000, and $78,000, respectively, for a total estimated fair value of $520,000. Required: Determine the amounts Red Rock should record inade separate accounts for the land, the building, and the equipment Amount of Recorded Estimated Fair Allocation Basket...
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 $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. 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...
A company purchased land, a building, and equipment for one price of $1,600,000. The estimated fair...
A company purchased land, a building, and equipment for one price of $1,600,000. The estimated fair values of the land, building, and equipment are $200,000, $1,400,000, and $400,000, respectively. At what amount would the company record the land? Multiple Choice $160,000 o $170,000 $200,000 O $1,600,000 On July 1, 2021, Markwell Company acquired equipment. Markwell paid $195,000 in cash on July 1, 2021, and signed a $780,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022....
5 points Save Ans A company purchased land, a building, and equipment for one price of...
5 points Save Ans A company purchased land, a building, and equipment for one price of $1,750,000. The estimated fair values of the land building and equipment are 5218.750.51531250 and $437 500 respectively. At what amount would the company record the land? $218.750 $1,750,000 $175,000 $185.000
1.A company acquired an office building on three acres of land for a lump-sum price of...
1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent appraisals, the fair values were $1,840,000, $1,380,000, and $1,380,000 for the building, land, and equipment, respectively. At what amount would the company record the building? $1,860,000. None of these answer choices are correct. $1,160,000. $1,320,000. 2. A company purchased new equipment for $61,000. The company paid cash for the equipment. Other costs associated with the...
Wholesale Banners pays $ 240,000 cash for a group purchase of land, building, and equipment. At...
Wholesale Banners pays $ 240,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $ 78,000, the building $ 156,000, and the equipment $ 26,000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Asset Market value Percentage...
Crane Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400....
Crane Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400. The estimated fair values of the assets are land $81,600, building $299,200, and equipment $108,800. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.) Recorded Amount Land $ Building Equipment $
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment...
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $384,300. The estimated fair values of the assets are land $73,200, building $268,400, and equipment $97,600. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to o decimal places, e.g. 5,275.) Recorded Amount Land Building Equipment
On January 1, 2016, Phillips Company made a basket purchase including land, a building and equipment...
On January 1, 2016, Phillips Company made a basket purchase including land, a building and equipment for $970,000. The appraised values of the assets are $70,000 for the land, $980,000 for the building and $200,000 for equipment Phillips uses the double declining balance method of depreciation for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. The depreciation expense for 2016 for the equipment is (Round your intermediate percentages to...
7) Apple Inc. purchased land, building, and equipment from Orange Inc. for a cash payment of...
7) Apple Inc. purchased land, building, and equipment from Orange Inc. for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. What is the total amount at which these three assets should be recorded? a. $315,000 b. $360,000 c. $315,000 d. $300,000
work Instructions help Question 7 (of 14) ® Serve & Exit Submit value: 5.00 points Red Rock Bakery purchases land, building, and equipment for a single purchase price of $420,000. However,the estimated fair values of the land, building, and equipment are $130,000, $312,000, and $78,000, respectively, for a total estimated fair value of $520,000. Required: Determine the amounts Red Rock should record inade separate accounts for the land, the building, and the equipment Amount of Recorded Estimated Fair Allocation Basket...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. 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...
A company purchased land, a building, and equipment for one price of $1,600,000. The estimated fair values of the land, building, and equipment are $200,000, $1,400,000, and $400,000, respectively. At what amount would the company record the land? Multiple Choice $160,000 o $170,000 $200,000 O $1,600,000 On July 1, 2021, Markwell Company acquired equipment. Markwell paid $195,000 in cash on July 1, 2021, and signed a $780,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022....
5 points Save Ans A company purchased land, a building, and equipment for one price of $1,750,000. The estimated fair values of the land building and equipment are 5218.750.51531250 and $437 500 respectively. At what amount would the company record the land? $218.750 $1,750,000 $175,000 $185.000
Crane Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $428,400. The estimated fair values of the assets are land $81,600, building $299,200, and equipment $108,800. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.) Recorded Amount Land $ Building Equipment $
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $384,300. The estimated fair values of the assets are land $73,200, building $268,400, and equipment $97,600. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to o decimal places, e.g. 5,275.) Recorded Amount Land Building Equipment
On January 1, 2016, Phillips Company made a basket purchase including land, a building and equipment for $970,000. The appraised values of the assets are $70,000 for the land, $980,000 for the building and $200,000 for equipment Phillips uses the double declining balance method of depreciation for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. The depreciation expense for 2016 for the equipment is (Round your intermediate percentages to...
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