Homework Answers
Land = $434700*82800/(82800+303600+110400) = $72450
Building = $434700*303600/496800 = $265650
Equipment = 434700*110400/496800 = $96600
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Brief Exercise 10-06 Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash...
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 $
Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $441,000....
Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $441,000. The estimated fair values of the assets are land $84,000, building $308,000, and equipment $112,000. 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.)
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
Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath...
Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath a t $352.000. The estimated for values of the assets are and $67,200, buiding $246,400, and equipment 589,600. At what amounts should each of the three sts be recorded (Round intermediate percentage calculations to 5 decimal places eg.18.25124 and final answer to o decimal places... 5.275.) Recorded Amount Land Building Equment
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000....
Mohave Inc. purchased land, building, and equipment from Laguna Corporation 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. At what amounts should each of the three assets be recorded?(Round final answer to 0 deciaml places, e.g. 5,275.) Recorder Amount Land Building Equipment
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
Brief Exercise 14-1 Blossom Corporation issues $570,000 of 9% bonds, due in 11 years, with interest...
Brief Exercise 14-1 Blossom Corporation issues $570,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds LINK TO TEXT
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial...
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial cost of $403,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $99,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $334,400. On January 5, 2021, Skysong sold the building for $329,400 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit...
Brief Exercise 21A-11 Assume that IBM leased equipment that was carried at a cost of $189,000...
Brief Exercise 21A-11
Assume that IBM leased equipment that was
carried at a cost of $189,000 to Blossom Company. The term of the
lease is 6 years December 31, 2016, with equal rental payments of
$43,864 beginning December 31, 2016. The fair value of the
equipment at commencement of the lease is $219,000. The equipment
has a useful life of 6 years with no salvage value. The lease has
an implicit interest rate of 8%, no bargain purchase option, and...
CALCULATO Brief Exercise 3-05 On July 1, 2019, Blossom C. pays $26,800 to Splish Insurance Co....
CALCULATO Brief Exercise 3-05 On July 1, 2019, Blossom C. pays $26,800 to Splish Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31 For Blossom Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not in Record journal entries in the order presented in the problem. Round answers to decimal places, e.g. 5,275.) Date Account...
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
Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath a t $352.000. The estimated for values of the assets are and $67,200, buiding $246,400, and equipment 589,600. At what amounts should each of the three sts be recorded (Round intermediate percentage calculations to 5 decimal places eg.18.25124 and final answer to o decimal places... 5.275.) Recorded Amount Land Building Equment
Brief Exercise 14-1 Blossom Corporation issues $570,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds LINK TO TEXT
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial cost of $403,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $99,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $334,400. On January 5, 2021, Skysong sold the building for $329,400 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit...
Brief Exercise 21A-11
Assume that IBM leased equipment that was
carried at a cost of $189,000 to Blossom Company. The term of the
lease is 6 years December 31, 2016, with equal rental payments of
$43,864 beginning December 31, 2016. The fair value of the
equipment at commencement of the lease is $219,000. The equipment
has a useful life of 6 years with no salvage value. The lease has
an implicit interest rate of 8%, no bargain purchase option, and...
CALCULATO Brief Exercise 3-05 On July 1, 2019, Blossom C. pays $26,800 to Splish Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31 For Blossom Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not in Record journal entries in the order presented in the problem. Round answers to decimal places, e.g. 5,275.) Date Account...
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