RenFair Clothing purchased land, paying $80,000 cash and signing a $220,000 note payable. In addition, RenFair Clothing paid delinquent property tax of $1,500, title insurance costing $800, and $4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land
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- RenFair Clothing purchased land, paying $80,000 cash and signing a $220,000 note payable. In addition, RenFair Clothing paid delinquent property tax of $1,500, title insurance costing $800, and $4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land Record the journal entry for purchase of the land. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit CreditKingston Clothing purchased land, paying $96,000 cash and signing a $210,000 note payable. In addition, Kingston paid delinquent property tax of $1,700, title insurance costing $650, and $5,400 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land 1,700Determining the cost of an asset Highland Clothing purchased land, paying $96,000 cash and signing a $300,000 note payable. In addition, Highland paid delinquent property tax of $1,100, title insurance costing $600, and $4,600 to level the land and remove an unwanted building. Record the journal entry for the purchase of the land.
- Rodriguez Company pays $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the land. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general Journal
- Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Prepare an entry to record the purchase. View transaction list Journal entry worksheet A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View generalThe following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk next to the item letter. a. Fee paid to attorney for title search $ 2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Cost of real estate acquired as a plant site: Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in B 5,000 e.* Proceeds from sale of salvage materials from old building 4,000 f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 6,000 i. Cost of filling and grading land 12,000 j.* Money borrowed to pay building contractor 900,000 k. Cost of repairing windstorm damage during…The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk next to the item letter. a. Fee paid to attorney for title search $ 2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Cost of real estate acquired as a plant site: Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in B 5,000 e.* Proceeds from sale of salvage materials from old building 4,000 f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 6,000 i. Cost of filling and grading land 12,000 j.* Money borrowed to pay building contractor 900,000 k. Cost of repairing windstorm damage during…
- The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,200 b. Cost of real estate acquired as a plant site: Land 340,700 Building (to be demolished) 32,400 c. Delinquent real estate taxes on property, assumed by purchaser 19,200 d. Cost of tearing down and removing building acquired in (b) 5,400 e. Proceeds from sale of salvage materials from old building 3,200* f. Special assessment paid to city for extension of water main to the property 12,800 g. Architect’s and engineer’s fees for plans and supervision 46,800 h. Premium on one-year insurance policy during construction 4,500 i. Cost of filling and grading land 18,700 j. Money borrowed to pay building contractor 798,900* k. Cost of repairing windstorm damage during…Question: Alton Clothing purchased land, paying $88,000 cash plus a $250,000 note payable. In addition, Alton paid delinquent property tax of $1,900, title insurance costing $500, and $4,200 to level the land and remove an unwanted building. Record the journal entry for the purchase of the land.Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,00O. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Prepare an entry to record the purchase. View transaction list Journal entry worksheet A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View genera Total Cost General Journ