Homework Answers
The cost of land to be recorded
= Purchase price + closing cost + building removal cost
= 28,200 + 2,500 + 12,900
= 43,600
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Brief Exercise 10-1 Pina Inc. purchased land at a price of $28,200. Closing costs were $2,500....
Exercise 10-02 Pina Co. purchased land as a factory site for $552,000. The process of tearing...
Exercise 10-02
Pina Co. purchased land as a factory site for $552,000. The
process of tearing down two old buildings on the site and
constructing the factory required 6 months.
The company paid $57,960 to raze the old buildings and sold
salvaged lumber and brick for $8,694. Legal fees of $2,553 were
paid for title investigation and drawing the purchase contract.
Pina paid $3,036 to an engineering firm for a land survey, and
$93,840 for drawing the factory plans. The...
Exercise 10-02 Martinez Co. purchased land as a factory site for $496,000. The process of tearing...
Exercise 10-02 Martinez Co. purchased land as a factory site for $496,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $52,080 to raze the old buildings and sold salvaged lumber and brick for $7,812. Legal fees of $2,294 were paid for title investigation and drawing the purchase contract. Martinez paid $2,728 to an engineering firm for a land survey, and $84,320 for drawing the factory plans. The...
Larkspur Brothers Inc. purchased land and an old building with the intention of removing the old ...
Larkspur Brothers Inc. purchased land and an old building with
the intention of removing the old building and then constructing
the company’s new corporate headquarters on the land. The land and
old building were purchased for $590,000. Closing costs were
$5,150. The old building was removed at a cost of $46,500. After
readying the land for its intended use, and while waiting for
construction to begin, Larkspur generated net revenue of $3,130
from using the land as a parking lot....
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
Pina Co. purchased land as a factory site for $480,000. The process of tearing down two...
Pina Co. purchased land as a factory site for $480,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $50,400 to raze the old buildings and sold salvaged lumber and brick for $7,560. Legal fees of $2,220 were paid for title investigation and drawing the purchase contract. Pinapaid $2,640 to an engineering firm for a land survey, and $81,600 for drawing the factory plans. The land survey had...
Brief Exercise 13-15 Pina Company offers a set of building blocks to customers who send in...
Brief Exercise 13-15 Pina Company offers a
set of building blocks to customers who send in 3 UPC codes from
Pina cereal, along with 50¢. The block sets cost Pina $1.30 each to
purchase and 70¢ each to mail to customers. During 2017, Pina sold
1,524,000 boxes of cereal. The company expects 30% of the UPC codes
to be sent in. During 2017, 152,400 UPC codes were redeemed.
Prepare Pina’s December 31, 2017, adjusting entry. (If no entry is
required,...
Exercise 10-1 Acquisition costs; land and building [LO10-1] On March 1, 2018, Beldon Corporation purchased land...
Exercise 10-1 Acquisition costs; land and building [LO10-1] On March 1, 2018, Beldon Corporation purchased land as a factory site for $73,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2018. Costs incurred during this period are listed below: Demolition of old building $ 5,500 Architect’s fees (for new building) 12,000 Legal fees for title investigation of land 2,000 Property taxes on land (for period beginning March...
Brief Exercise 16-12 The 2017 income statement of Pina Corporation showed net income of $450,000 and a loss from di...
Brief Exercise 16-12 The 2017 income statement of Pina Corporation showed net income of $450,000 and a loss from discontinued operations of $122,000. Pinahad 100.000 shares of common stock outstanding all year. Prepare Pina's income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 3.55.) Pina Corporation INC Statement Click if you would like to show Work for this question: Open Show Work
Brief Exercise 205 Indicate whether each of the following expenditures should be classified as land, land...
Brief Exercise 205 Indicate whether each of the following expenditures should be classified as land, land improvements, buildings, equipment, or none of these. 1. Computer installation cost 2. Driveway cost 3. Architect's fee 4. Surveying costs 5. Grading costs 6. Cost of lighting for parking lot 7. Insurance while in transit and freight on computer purchased 8. Material and labor costs incurred to construct factory 9. Cost of tearing down a warehouse on land just purchased 10. Utility cost during...
- Kimmel, Survey of Accounting, le Help System Announcements Brief Exercise 204 Indicate whether each of...
- Kimmel, Survey of Accounting, le Help System Announcements Brief Exercise 204 Indicate whether each of the following expenditures should be classified as land, land improvements, buildings, equipment, or none of these. 1. Parking lots 2. Electricity used by a machine 3. Excavation costs Land Improvements 4. Interest on building construction loan Buildings 5. Cost of trial runs for machinery Equipment 6. Drainage costs Land 7. Cost to install a machine None of these 8. Fences 9. Unpaid (past) property...
Exercise 10-02
Pina Co. purchased land as a factory site for $552,000. The
process of tearing down two old buildings on the site and
constructing the factory required 6 months.
The company paid $57,960 to raze the old buildings and sold
salvaged lumber and brick for $8,694. Legal fees of $2,553 were
paid for title investigation and drawing the purchase contract.
Pina paid $3,036 to an engineering firm for a land survey, and
$93,840 for drawing the factory plans. The...
Exercise 10-02 Martinez Co. purchased land as a factory site for $496,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $52,080 to raze the old buildings and sold salvaged lumber and brick for $7,812. Legal fees of $2,294 were paid for title investigation and drawing the purchase contract. Martinez paid $2,728 to an engineering firm for a land survey, and $84,320 for drawing the factory plans. The...
Larkspur Brothers Inc. purchased land and an old building with
the intention of removing the old building and then constructing
the company’s new corporate headquarters on the land. The land and
old building were purchased for $590,000. Closing costs were
$5,150. The old building was removed at a cost of $46,500. After
readying the land for its intended use, and while waiting for
construction to begin, Larkspur generated net revenue of $3,130
from using the land as a parking lot....
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
Brief Exercise 13-15 Pina Company offers a
set of building blocks to customers who send in 3 UPC codes from
Pina cereal, along with 50¢. The block sets cost Pina $1.30 each to
purchase and 70¢ each to mail to customers. During 2017, Pina sold
1,524,000 boxes of cereal. The company expects 30% of the UPC codes
to be sent in. During 2017, 152,400 UPC codes were redeemed.
Prepare Pina’s December 31, 2017, adjusting entry. (If no entry is
required,...
Brief Exercise 16-12 The 2017 income statement of Pina Corporation showed net income of $450,000 and a loss from discontinued operations of $122,000. Pinahad 100.000 shares of common stock outstanding all year. Prepare Pina's income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 3.55.) Pina Corporation INC Statement Click if you would like to show Work for this question: Open Show Work
Brief Exercise 205 Indicate whether each of the following expenditures should be classified as land, land improvements, buildings, equipment, or none of these. 1. Computer installation cost 2. Driveway cost 3. Architect's fee 4. Surveying costs 5. Grading costs 6. Cost of lighting for parking lot 7. Insurance while in transit and freight on computer purchased 8. Material and labor costs incurred to construct factory 9. Cost of tearing down a warehouse on land just purchased 10. Utility cost during...
- Kimmel, Survey of Accounting, le Help System Announcements Brief Exercise 204 Indicate whether each of the following expenditures should be classified as land, land improvements, buildings, equipment, or none of these. 1. Parking lots 2. Electricity used by a machine 3. Excavation costs Land Improvements 4. Interest on building construction loan Buildings 5. Cost of trial runs for machinery Equipment 6. Drainage costs Land 7. Cost to install a machine None of these 8. Fences 9. Unpaid (past) property...
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