choose correct option Oriole Company acquires land for $77,000 cash. Additional costs are as follows.Removal of shedFilling and grading$400$1,300Salvage value of lumber of shed $200Broker commissionPaving of parking lotClosing costs$1,310$10,000$520Oriole will record the acquisition cost of the land as:A. $78,830B. $77,000C. $80,730D. $80,330

Step 1: Introduction to Acquisition Cost:Acquisition cost, often known as "book value" or "asset…

Answered: Oriole Company acquires land for…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 38BE

See similar textbooks

Similar questions

The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.
Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for 120,000 miles. Montello uses the units-of-production depreciation method and in year one it expects to use the truck for 23,000 miles. Calculate the annual depreciation expense.
Mazaya Company acquires land for RO 96,000 cash. Additional costs are as follows Removal of shed RO 400, Fitling and grading 1.530, Salvage value of lumber of shed 120, Broker commission 1530, Paving of parking lot 10,000, Closing costs 650 Mazaya will record the acquisition cost of the land as Select one O a RO 96,00o. O b RO 99.990. O C RO 98,09o. O d RO 99.770.
Concord Company acquires land for $86700 cash. Additional costs are as follows: Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs $250 1600 100 $96400. $90130. $88380. $90330. 1140 9700 540 Concord will record the acquisition cost of the land as
Oriole Company acquires land for $86300 cash. Additional costs are as follows: Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs $290 O $97800. O $87980. $89640. O $89900. 1500 130 1130 11500 550 Oriole will record the acquisition cost of the land as
PQ16.04 Shaffer Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed $ 300 Filling and grading 1,500 Salvage value of lumber of shed 120 Broker commission 1,130 Paving of parking lot 10,000 Closing costs 560 Shaffer will record the acquisition cost of the land at?
How much are the capitalized costs of the land and the building? Building Building 23,096,000 23,144,000 Land Land a. 8,160,000 b. 8,120,000 c. 8,100,000 d. 8,060,000 23,184,000 23,264,000
Sunland Company acquires land for $280000 cash. Additional costs are as follow. Removal of shed $2100 Filling and grading 7200 Salvage value of lumber of shed 1270 Broker commission 4520 Paving of parking lot 42000 Closing costs 3500 Sunland will record the acquisition cost of the land as $296050. $297320. $298590.
Novak Company acquires land for $56200 cash. Additional costs are as follows: Removal of shed $1720 Filling and grading Paving of parking lot Closing costs 1450 O $60060. O $56200. O $56890. $40050 9000 690 Novak will record the acquisition cost of the land as
AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000 Leveling land 1,600 Salvage value of cement from the old wall 27,040 Broker commission 7,530 Removal of an old wall 6,300 Closing costs 5,600 AI Barka will record the acquisition cost of the land as: Select one: O a. RO 94,090. O b. RO 92,000. O c RO 95,990. O d. None of the answers ae correct. O e. RO 95,770.
The Open Grill incurred the following costs in acquiring a new piece of land: Purchase price $80,000 Commissions 4,800 Liability insurance for the first year 1,200 20,000 Cost of removing existing building Sale of salvaged materials (4,000) Total costs $102,000 What is the total capitalized cost of the land? Multiple Choice O O $102,000. $80,000. $100,800. $106,000.
Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300, broker commission $1,530, paving of parking lot $10,000, gardening $1,500, closing costs $560, and a salvage value of lumber of shed $120. Unilever will record the acquisition cost of the land as:

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Reporting, Financial Statement Analysis…

Finance

ISBN:

9781285190907

Author:

James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Reporting, Financial Statement Analysis…

Finance

ISBN:

9781285190907

Author:

James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS