Homework Answers
Total Fair value = 67200+246400+89600 = 403200
| Assets | Fair value | Allocated cost | |
| Land | 67200 | 67200/403200 = 16.66667% | 58800 |
| Building | 246400 | 246400/403200 = 61.11111% | 215600 |
| equipment | 89600 | 89600/403200 = 22.22222% | 78400 |
| Total | 403200 | 352800 | |
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Brief Exercise 10-6 Martinez Int. purchased land, building, and equipment from Laguna Carpet for a cath...
Brief Exercise 10-06 Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash...
Brief Exercise 10-06 Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400. 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 Buildings Equipments LINK TO TEXT LINK TO VIDEO
Question 6 Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment...
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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.)
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000....
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Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this...
Exercise 10-16
Martinez Industries purchased the following assets and
constructed a building as well. All this was done during the
current year.
Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $140,000 cash. The following information was gathered. Book Value on Seller's Books Description Machinery Equipment Initial Cost on Depreciation to Seller's BooksDate on...
Exercise 10-6 Plant acquisitions for slected companies are as follows 1. Larkspur Industries Inc. acquired land,...
Exercise 10-6 Plant acquisitions for slected companies are as follows 1. Larkspur Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $742,000. At the time of purchase, Torres's assets had the following book and appraisal values Book Values $212,000 265,000 318,000 isal Values Land $159,000 371,000 318,000 Buildings To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made....
Exercise 10-13 Ivanhoe Engineering Corporation purchased conveyor equipment with a list price of $45,200. Three independent...
Exercise 10-13 Ivanhoe Engineering Corporation purchased conveyor equipment with a list price of $45,200. Three independent cases that are related to the equipment follow. Assume that the equipment purchases are recorded gross. 1. Geddes paid cash for the equipment 25 days after the purchase, along with 5% GST (recoverable) and provincial sales tax of $3,164, both based on the purchase price. The vendor's credit terms were 1/10, n/30. 2. Geddes traded in equipment with a book value of $1,000 (initial...
Brief Exercise 10-06 Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400. 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 Buildings Equipments LINK TO TEXT LINK TO VIDEO
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
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 $
Exercise 10-16
Martinez Industries purchased the following assets and
constructed a building as well. All this was done during the
current year.
Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $140,000 cash. The following information was gathered. Book Value on Seller's Books Description Machinery Equipment Initial Cost on Depreciation to Seller's BooksDate on...
Exercise 10-6 Plant acquisitions for slected companies are as follows 1. Larkspur Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $742,000. At the time of purchase, Torres's assets had the following book and appraisal values Book Values $212,000 265,000 318,000 isal Values Land $159,000 371,000 318,000 Buildings To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made....
Exercise 10-13 Ivanhoe Engineering Corporation purchased conveyor equipment with a list price of $45,200. Three independent cases that are related to the equipment follow. Assume that the equipment purchases are recorded gross. 1. Geddes paid cash for the equipment 25 days after the purchase, along with 5% GST (recoverable) and provincial sales tax of $3,164, both based on the purchase price. The vendor's credit terms were 1/10, n/30. 2. Geddes traded in equipment with a book value of $1,000 (initial...
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