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.

Q: Mandu Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8…

A: Depreciation per hour = (Cost of the assets - Salvage value) / Total estimated operating machine…

Q: A company purchased land and building from a seller for $900,000. A separate appraisal reveals the…

A: Formula: Land would be recorded at  =[ total amount paid × appraisal value of land/total appraisal…

Q: Old Room Co. purchased land and building for a lump-sum price of $48,000,000. The existing building…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000…

A: Particulars Amount Cash paid RO 102,000 Add: cost of leveling land 1,600         Brokerage…

Q: Old Room Co. purchased land and building for a lump-sum price of ₱48,000,000. The existing building…

A: The question is multiple choice question and is relted to costs that would be charged as an expenses…

Q: AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000…

A: Particulars Amount Cash paid RO 102,000 Add: cost of leveling land 1,600…

Q: Jamela Company acquired a welding machine with an invoice price of P5,000,000 subject to a cash…

A: As per IAS 16 , Property plant and equipment,  Cost of property plant and equipment consists of…

Q: Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to…

A: Given information is: Teradene Corporation purchased land as a factory site and contracted with…

Q: ABC Company purchases a truck by paying $5000 cash and surrendering a piece of equipment with a book…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Excellent Company purchased a plant, including land, building and machinery, for P 110,000. These…

A: Total appraised value  = appraised value of land + appraised value building + appraised value…

Q: PUP CAF Mining Company purchased a tract of land containing mineral resources for P54,000,000. The…

A: Particulars Amount Acquisition cost P54,000,000 Restoration and geological survey costs…

Q: A company purchased land for $96800 cash. The real estate brokers' commission was $3700 and $7500…

A: The historical cost principle states that some assets need to be stated at their historical cost…

Q: 1 QUE Sunland Company acquires land for $85700 cash. Additional costs are as follows: Removal of…

A: “Hey, since there are multiple questions posted, we will answer only one question, as per our…

Q: Tea Tree Bay Ltd acquires a Gizmo Machine from Jetsons Ltd for the following consideration:…

A: 1) Calculate the acquisition cost of Gizmo Machine's depreciation basis:   Cash $20,000   Land…

Q: Carver Inc. purchased a bulkling and the land on which the bulldıng Is situated for a total cost of…

A: Answer --   Part B - Amount of Purchase cost to be allocated to Land and the amount to allocate the…

Q: The Company intends to demolish the old building, to build a new building and will not use the old…

A: In the given case,  since the Company intends to demolish the old building, to build a new building…

Q: Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Old Room Co. purchased land and building for a lump-sum price of ₱48,000,000. The existing building…

A: The allocated cost of land and the new building is calculated as follows:

Q: Soccer Wholesale purchased land and a warehouse for one price of $850,000. In addition to the…

A: cost of land = cost of land and warehouse purchased + brokers commission + title insurance +…

Q: Shaffer will record the acquisition cost of the land at?

A: The Acquisition of land = Purchase price + Removal of shed + Filling and grading - Salvage value of…

Q: Old Room Co. purchased land and building for a lump-sum price of ₱48,000,000. The existing building…

A: In the given question based on the nature of expenditure we need to allocate the capital expenditure…

Q: Oriole Company acquires land for $77000 cash. Additional costs are as follows. Removal of shed…

A: Acquisition cost of land = Purchase price + Removal of shed costs + Filling and grading - Salvage…

Q: Charlie Company acquired an adjacent plot to construct a new warehouse paying $301000 in cash.…

A: 1.Answer Cash paid    $3,01,000 Add: Attorneys fee     $    1,500 Delinquent taxes      $…

Q: A company purchased land for $350000 cash. The real estate brokers' commission was $15000 and $61000…

A: The cost of land includes all the expenses that make the land ready to use. It includes expenses…

Q: Company H started its operations in 2021 and made the following asset purchases:   asset…

A: GIVEN   Company H started its operations in 2021 and made the following asset purchases:…

Q: On December 1, 2010, Hogan Co. purchased a tract of land as a factory site for $800,000. The old…

A: Additional costs=Cost to raze+Legal fee+Title=$70,000+$10,000+$16,000=$96,000

Q: The Open Grill incurred the following costs in acquiring a new piece of land: Purchase price $80,000…

A: Fixed assets means those assets which is used for the business purpose for many year to come and…

Q: Tea Tree Bay Ltd acquires a Gizmo Machine from Jetsons Ltd for the following consideration: Cash…

A:

Q: Tea Tree Bay Ltd acquires a Gizmo Machine from Jetsons Ltd for the following consideration: Cash…

A: a) Calculating the total acquisition cost: Formulation of cost of acquisition is as below:

Q: For what amount will LAR record the range?

A: Recording the purchase of an asset is an important ledger entry as it show cases in the balance…

Q: The Wally Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: Land           60,000 Building        200,000 Equipment        140,000 Total Assets Value…

Q: Atchison Corporation purchased equipment, a building, and land for $1,000,000 ($200,000 in cash and…

A: The journal entries are prepared to record the day to day transactions of the business.

Q: Keaubie Co. Purchased laying at a cost of 250,000 cash the property had a building on it that was…

A: Cost of land = Purchase price + Demolished cost - Proceeds from salvaged materials + Legal fees +…

Q: ABC purchased a plant, including land, building and machinery, for P110,000. These items were…

A: Total appraisal value of assets = Land + building + machinery = P30000+45000+75000 = P150,000

Q: Mazaya Company acquires land for RO 96,000 cash. Additional costs are as follows Removal of shed RO…

A: Acquisition cost of land = Purchase price + Removal of shed costs Filling and grading - Salvage…

Q: Sunset Co. Acquired land with old building for 6,000,000. After the acquisition, Sunset Co.…

A: Calculation of Total Cash Expended :

Q: Tea Tree Bay Ltd acquires a Gizmo Machine from Jetsons Ltd for the following consideration: Cash…

A: 1. Calculate the acquisition cost of Gizmo Machine's depreciation basis:

Q: Tea Tree Bay Ltd acquires a Gizmo Machine from Jetsons Ltd for the following consideration: Cash…

A: The acquisition of a machine is done for a consideration that can be deemed the fair value of such…

Q: Sheridan Company acquires land for $71000 cash. Additional costs are as follows. Removal of shed…

A: The cost of acquisition of land includes terms like Cash, Removal, Filling, Salvage, Broker…

Q: Nathan Jacob’s Company paid $450,000 to acquire land, building, and equipment. At the time of the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300,…

A: As per IAS 16 property plant and equipment. Cost of equipment includes all costs that are incurred…

Q: Carver Inc. purchased a building and the land on which the building is situated for a total cost of…

A: The accounting term is lump sum purchase. Lump Sum Purchase: When the assets are purchased or…

Q: MAGANDANGEHEMPLO, Inc. obtained a land with an old building, that will be accounted for under…

A: In the given case the company will recognise the construction cost of new building as an asset…

Q: Auto purchased a $500,000 tract of land that is intended to be the site of a new office complex. The…

A: Land is the fixed asset for the company that is recorded in the balance sheet of the company.

Q: Horan Ltd purchases the Coolum Store for the consideration of: Cash    $250,000 Land    Horan Ltd…

A: SOLUTION-   GOODWILL IS AN INTANGIBLE ASSETS THAT ACCOUNTS FOR EXCESS PURCHASE PRICE OF ANOTHER…

Q: Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price…

A: Journal: Journal is considered as a book of original entries because all the transactions that have…

Q: Bridgeport Industries purchased the following assets and constructed a building as well. All this…

A: Journal entries (JE) refers to posting of the transactions into the books of the entity as well as…

Q: a. The Hope Company purchased a building for $500,000. In addition, the following costs were…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…