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  • Exercises 533 EXERCISES provence 0-1 (201) (Acquis buildings acquired (a) Money borrowed ( Payment for Cost...

    Exercises 533 EXERCISES provence 0-1 (201) (Acquis buildings acquired (a) Money borrowed ( Payment for Cost of land fill and clearing Acquisition C0515 Realty! The following expenditures and receipts are related to land, land red for use in a business enterprise. The receipts are enclosed in parentheses. orrowed to pay building contractor (signed a note) S(275,000) ent for construction from...

  • Indicate to which account Trudy would debit each of the costs.

    E9-2 Trudy Company incurred the following costs.1. Sales tax on factory machinery purchased $ 5,0002. Painting of and lettering on truck immediately upon purchase 7003. Installation and testing of factory machinery 2,0004. Real estate broker’s commission on land purchased 3,5005. Insurance premium paid for first year’s insurance on new truck 8806. Cost of landscaping on property purchased 7,2007. Cost of...

  • Terrabyte Corporation purchased land as a factory site and contracted with Mordor Construction to construct a...

    Terrabyte Corporation purchased land as a factory site and contracted with Mordor Construction to construct a factory. Terrabyte made the following expenditures related to the acquisition of the land, building, and equipment to equip the factory: Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various closing costs in connection with...

  • Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to...

    Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1.700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the...

  • Nordso Ltd. purchased a new warehouse. The warehouse had been listed for sale for $5,113,000, but...

    Nordso Ltd. purchased a new warehouse. The warehouse had been listed for sale for $5,113,000, but Nordso was able to acquire it for $4,969,000. The bank, which was providing Nordso with the financing for the purchase, required that an appraisal be completed of the property. The appraisal report came back with the following estimated market values: land $1,643,747, building $2,987,243,...

  • Remaining me. I lui, Question Completion Status: OTT 5 500S UE. Warehouse no purtre equipment Scarropel...

    Remaining me. I lui, Question Completion Status: OTT 5 500S UE. Warehouse no purtre equipment Scarropel Line Cost of land Attorney's fee, land acquisition Architect's fee, building design Accrued Taxes on Land Construction cost of Building Annual Salary of staff who supervised the construction of the building for six months RESE BARENESS CE 300.000 15,000 35,000 2.500 975,000 80.000 Interest...

  • ANSWER WITH FULL STEPS ( URGENT) Application Problem 8-2B a1 Nordso Ltd. purchased a new warehouse....

    ANSWER WITH FULL STEPS ( URGENT) Application Problem 8-2B a1 Nordso Ltd. purchased a new warehouse. The warehouse had been listed for sale for $5,380,000, but Nordso was able to acquire it for $5,230,000. The bank, which was providing Nordso with the financing for the purchase, required that an appraisal be completed of the property. The appraisal report came back...

  • ls outlined LU-Borrowing Costs mpany purchased a piece of land and a buildin Triang d the...

    ls outlined LU-Borrowing Costs mpany purchased a piece of land and a buildin Triang d the following expenditures in relation to the purchase of the land an at the heart of the' oalmine Com 2 Coalm in or RM20 million. Apart from the purchase price and RM 6,000 12,000 25,000 7,000 Legal fees to draft the contract Title insurance Property...

  • Question Completion Status: RE Cost of land Attorney's fee, land acquisition Architect's fee, building design Accrued...

    Question Completion Status: RE Cost of land Attorney's fee, land acquisition Architect's fee, building design Accrued Taxes on Land 300,000 15,000 35,000 2.500 975,000 Construction cost of Building Annual Salary of staff who supervised the construction of the building for six months 80,000 Interest charges on loan for building paid during construction 5.500 ewalk Closing costs on purchase of land...

  • Acquisition and Disposition of Property, Plant, and Equipment

    BE10.14 (LO 5) Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2020. The machinery is sold on September 1, 2021, for $10,500. Prepare journal entries to (a) update depreciation for 2021 and...

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