HomeworkLib
Question

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

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Total Asset Fair Value = Land + Building + Equipment

Total Asset Fair Value = 60000+220000+80000

Total Asset Fair Value = 360000

Recorder Amount

Land = 60000/360000 * 315000

Land = 52500

Building = 220000/360000 * 315000

Building = 192500

Equipment = 80000/360000 * 315000

Equipment = 70000

Answer

Recorder Amount
Land                              52,500
Building                            192,500
Equipment                              70,000
1 0
Add a comment
Know the answer?
Add Answer to:
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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 10-06 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

  • 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

  • Lynx Corp. purchased land, a building, and equipment from Cat Inc., for a cash payment of...

    Lynx Corp. purchased land, a building, and equipment from Cat Inc., for a cash payment of $306,000. An independent estimator valued the land at $60,000, the building at $220,000, and the equipment at $80,000. Give the journal entry for Lynx to record this purchase.

  • 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

  • Heston Inc. purchased land and a building for a combined cost of $97,000 in cash. The...

    Heston Inc. purchased land and a building for a combined cost of $97,000 in cash. The estimated fair values of the land and building are $40,000 and $60,000, respectively. Question: In the journal entry to record this purchase, by what amount should the "Building account be debited? Select one: a. $197,000 b. $97,000 c. $50,000 d. $58,200 e. $48,500

  • 1. Marigold Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for...

    1. Marigold Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $770,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $220,000 $165,000 Buildings 275,000 385,000 Equipment 330,000 330,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 165,000 Buildings 275,000 Equipment 330,000    Cash 770,000 2....

  • Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash...

    Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash and signed a 5% note payable Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT