Homework Answers
| Expenditure | Accounting Treatment |
| 1 | Land |
| 2 | Building |
| 3 | Land Improvements |
| 4 | Expense |
| 5 | Building |
| 6 | Building |
| 7 | Building |
| 8 | Land Improvements |
| 9 | Land Improvements |
| 10 | Prepaids |
| 11 | Equipment |
| 12 | Equipment |
| 13 | Equipment |
| 14 | Expense |
| 15 | Equipment |
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TBSFC00191 1. TBSFC00191 Classification Situation Gear Inc. recently invested in several plant assets including: land for...
Terrabyte Corporation purchased land as a factory site and contracted with Mordor Construction to construct a...
Terrabyte Corporation purchased land as a factory site and contracted with Mordor Construction to construct a factory. Terrabyte made the following expenditures related to the acquisition of the land, building, and equipment to equip the factory: Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various closing costs in connection with acquiring the land Architect's fee for the plans for the new building Payments to Mordor for building construction Equipment purchased...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory: (FV of $1, P of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Purchase price of the land $ 1,330,000 Demolition and removal of old building 93,000 Clearing and grading the land...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factor...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory. (EV of $1. PV of $1. EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various...
On February 1, 2016, Jekel & Hyde Inc. purchased land and incurred other costs relative to...
On February 1, 2016, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. The costs related to the purchase of the land and the construction of the building are listed below: Purchase price of the land $231,250 Title insurance for the land $1,500 Legal fees to purchase land $1,000 Cost of razing an old building on the land to be used $8,500 for the construction of the warehouse Delinquent property taxes...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and purchase equipment to start operating its sporting goods business. Line 1 Cost of land 300,000 2 Attorney’s fee, land acquisition 15,000 3 Architect’s fee, building design 35,000 4 Accrued Taxes on Land 2,500 5 Construction cost of Building 975,000 6 Annual Salary of staff who supervised the construction of the building for six months 80,000 7 Interest charges on loan for building paid during...
Listed below are costs (or discounts) to purchase or construct new plant assets. Indicate whether the...
Listed below are costs (or discounts) to purchase or construct new plant assets. Indicate whether the costs should be expensed or capitalized (included in the cost of the plant assets on the balance sheet.) For costs that should be, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. Category Event List 1 Costs to install needed electrical lines in a new building 2. Costs to build a base...
Problem 8-25A Accounting for acquisition of assets including a basket purchase LO 8-1 Trinkle Co., Inc. made several pur...
Problem 8-25A Accounting for acquisition of assets including a basket purchase LO 8-1 Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $35,800; terms: 2/10 n/30; paid within discount period. Transportation-in: $900. Installation: $410. Cost to repair damage during unloading: $644. Routine maintenance cost after six months: $160. Basket Purchase of Copier, Computer, and Scanner for $53,800 with Fair Market Values Copier, $25,272. Computer,...
e Cambridge Business Publishee Accounting for Long-Lived and Intangible Assets Chapter 9 PROBLEMS-SET A P9-1A. Acquisition...
e Cambridge Business Publishee Accounting for Long-Lived and Intangible Assets Chapter 9 PROBLEMS-SET A P9-1A. Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) LO1 related to the construction of a new home office for Norma Company. Cost of land site, which included an old apartment building appraised at $75,000 Legal fees, including fee for title search. .. Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
Terrabyte Corporation purchased land as a factory site and contracted with Mordor Construction to construct a factory. Terrabyte made the following expenditures related to the acquisition of the land, building, and equipment to equip the factory: Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various closing costs in connection with acquiring the land Architect's fee for the plans for the new building Payments to Mordor for building construction Equipment purchased...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory: (FV of $1, P of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various...
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory. (EV of $1. PV of $1. EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various...
Listed below are costs (or discounts) to purchase or construct new plant assets. Indicate whether the costs should be expensed or capitalized (included in the cost of the plant assets on the balance sheet.) For costs that should be, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. Category Event List 1 Costs to install needed electrical lines in a new building 2. Costs to build a base...
e Cambridge Business Publishee Accounting for Long-Lived and Intangible Assets Chapter 9 PROBLEMS-SET A P9-1A. Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) LO1 related to the construction of a new home office for Norma Company. Cost of land site, which included an old apartment building appraised at $75,000 Legal fees, including fee for title search. .. Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
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