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  • E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment...

    E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. (Correction of Improper Cost Entries) Plant acquisitions for selected companies Book Values Appraisal Values less Land $200,000 $150,000...

  • Exercise 9-03 a * Your answer is incorrect. Try again. On March 1, 2022, Sunland Company...

    Exercise 9-03 a * Your answer is incorrect. Try again. On March 1, 2022, Sunland Company acquired real estate, on which it planned to construct a small office building, by paying $84,000 in cash. An old warehouse on the property was demolished at a cost of $9,000; the salvaged materials were sold for $1,860. Additional expenditures before construction began included...

  • Problem 8-25A Accounting for acquisition of assets including a basket purchase LO 8-1 Trinkle Co., Inc. made several pur...

    Problem 8-25A Accounting for acquisition of assets including a basket purchase LO 8-1 Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $35,800; terms: 2/10 n/30; paid within discount period. Transportation-in: $900. Installation: $410. Cost to repair damage during unloading: $644. Routine maintenance cost...

  • Exercise 9-03 a x Your answer is incorrect. Try again. On March 1, 2022, Sunland Company...

    Exercise 9-03 a x Your answer is incorrect. Try again. On March 1, 2022, Sunland Company acquired real estate, on which it planned to construct a small office building, by paying $84,000 in cash. An old warehouse on the property was demolished at a cost of $9,000; the salvaged materials were sold for $1,860. Additional expenditures before construction began included...

  • Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each...

    Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $35,800; terms: 2/10 n/30; paid within discount period. Transportation-in: $900. Installation: $410. Cost to repair damage during unloading: $644. Routine maintenance cost after six months: $160. Basket Purchase of Copier, Computer, and Scanner for $53,800...

  • Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are...

    Trinkle Company made several purchases of long-term assets in 2018. The details of each purchase are presented here. New Office Equipment List price: $44,500; terms: 2/10, n/30; paid within the discount period. Transportation-in: $840. Installation: $480. Cost to repair damage during unloading: $524. Routine maintenance cost after eight months: $280. Basket Purchase of Copier, Computer, and Scanner for $52,700 with...

  • What costs are land? instructure.com/course/9534/sognment/129361 Show Attempt History Current Attempt in Progress X Your answer is...

    What costs are land? instructure.com/course/9534/sognment/129361 Show Attempt History Current Attempt in Progress X Your answer is incorrect On March 1, 2017, Blossom Company acquired real estate on which it planned to construct a small office building by paving $75.000 in cash. An old warehouse on the property was demolished at a cost of $7.200, the salvaged materials were sold for...

  • Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the...

    Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the land was a building with an appraised value of $120,000. The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing...

  • The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December...

    The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017: Land Land improvements Plant Asset Accumulated Depreciation $ 350,000 180,000 45,000 1,500,000 350,000 1,158,000 405,000 150,000 112,000 Building Machinery and equipment Automobiles Transactions during 2018 were as follows: a. On January 2, 2018, machinery and equipment were purchased at a total invoice...

  • Exercise 7-1A Record purchase of land (LO7-1) McCoy's Fish House purchases a tract of land and...

    Exercise 7-1A Record purchase of land (LO7-1) McCoy's Fish House purchases a tract of land and an existing building for $800,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $1,000. The company also pays $10,000 in property taxes,...

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