1 QUE Sunland Company acquires land for $85700 cash. Additional costs are as follows: Removal of shed $ 250 Filling and grading 1600 Salvage value of lumber of shed 160 Broker commission 1100 Paving of parking lot 9700 Closing costs 570 Sunland will record the acquisition cost of the land as     $87370.   $89380.   $89060.   $95400. 2 QUE A company has the following assets: Buildings and Equipment, less accumulated depreciation of $2010000 $9520000 Copyrights 959000 Patents 4100000 Timberlands, less accumulated depletion of $2760000 4870000 The total amount reported under Property, Plant, and Equipment would be     $19449000.   $15349000.   $14390000.   $18490000.

Q: Ramirez Company made the following payments related to a land acquisition: Purchase price $7,500…

A: Items to be included in Capitalizable cost of land :-  Purchase price  Past due taxes Title search…

Q: Majestic LLC purchased a factory for lump-sum of RO800,000 paid via bank. The fair value of each of…

A: Asset Fair Market value % of total x  lump-sum paid Amount allocated Land 85000…

Q: Sunland Company acquires land for $280000 cash. Additional costs are as follow. Removal of shed…

A: Acquisition cost : It is the total cost which contains the purchase price of the assets and charges…

Q: Old Room Co. purchased land and building for a lump-sum price of $48,000,000. The existing building…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000…

A: Particulars Amount Cash paid RO 102,000 Add: cost of leveling land 1,600         Brokerage…

Q: Reiley Co. purchased land as a factory site for P1,000,000. Reiley paid P40,000 to tear down two…

A: All fixed assets in the business should be capitalized with purchase cost and all other direct costs…

Q: AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000…

A: Particulars Amount Cash paid RO 102,000 Add: cost of leveling land 1,600…

Q: (a)Calculate the acquisition cost of the Mixture Machine that will be used as the base for future…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: ABC Company purchases a truck by paying $5000 cash and surrendering a piece of equipment with a book…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A company purchased land for $96800 cash. The real estate brokers' commission was $3700 and $7500…

A: The historical cost principle states that some assets need to be stated at their historical cost…

Q: DLW Corporation acquired and placed in service the following assets during the year: Cost Basis $…

A: Cost recovery is an accounting method in which a business only records revenue from a transaction…

Q: 19. MAGANDANGEHEMPLO, Inc. obtained a land with an old building, that will be accounted for under…

A: An old land and building is purchased for construction new building than use it for business purpose…

Q: Ngu owns equipment that cost $97,100 with accumulated depreciation of $66,400. Ngu asks $35,900 for…

A: given that, cost of the equipment = $97100 accumulated depreciation = $66400 sale price of the…

Q: Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: What is the sound value of this building?

A: Sound value is the replacement cost of property, less accrued depreciation. The replacement cost is…

Q: 1. Prepare journal entries to record the acquisition and the first year’s depreciation, assuming…

A:

Q: Shaffer will record the acquisition cost of the land at?

A: The Acquisition of land = Purchase price + Removal of shed + Filling and grading - Salvage value of…

Q: Oriole Company acquires land for $77000 cash. Additional costs are as follows. Removal of shed…

A: Acquisition cost of land = Purchase price + Removal of shed costs + Filling and grading - Salvage…

Q: 3. In purchasing some land, the Maxim Company made payments for the following: $4,000 Purchase price…

A: While recording the cost of the asset all those cost shall be included which were incurred untill…

Q: DLW Corporation acquired and placed in service the following assets during the year:    Asset Date…

A: a. Calculation of  DLW's year 1 cost recovery for each asset: Under half-year convention for…

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: All fixed assets in the business should be capitalised. Total costs incurred on acquisition and…

Q: A machine with a cost of $164,000 and accumulated depreciation of $102,000 is sold for $53,600 cash.…

A: Lets understand the basics. Cashflow are divided into three parts which are, (1) Cashflow from…

Q: James Inc. purchased the following assets in February 2022 for a total price of $2,900,000. Below…

A: Section 179 means a section that is implemented for the allowing deduction of the cost of equipment.…

Q: Required information [The following information applies to the questions displayed below.] Shahia…

A: Since the value of land does not decrease with the passage of time, hence Land is a non Depreciable…

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: The lump sum cost is allocated to assets on the basis of their fair value.

Q: Health Co. purchased land and building at a lump-sum price of P6,000,000. After the acquisition,…

A: Introduction: An acquisition is a situation in which a firm buys a major proportion of shares of…

Q: The Wally Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: Land           60,000 Building        200,000 Equipment        140,000 Total Assets Value…

Q: Company X decided to buy some assets from the heater company, Company Y, for $100,000.00 Company Y…

A: In consideration with the Accounting Standard 10 and the…

Q: DLW Corporation acquired and placed in service the following assets during the year:    Asset Date…

A: In the year of purchase and sale, convention is applied according to the class of asset. For…

Q: On February 1, 2021, KIKO Co. purchased a land and building for 10,000,000 as a factory site. The…

A: As per IFRS 16, Property plant and equipment Cost of constructed property consists all costs that…

Q: Mazaya Company acquires land for RO 96,000 cash. Additional costs are as follows Removal of shed RO…

A: Acquisition cost of land = Purchase price + Removal of shed costs Filling and grading - Salvage…

Q: Sunset Co. Acquired land with old building for 6,000,000. After the acquisition, Sunset Co.…

A: Calculation of Total Cash Expended :

Q: James Company sells a plant asset that originally cost $180,000 for $60,000 on December 31, 20x1.…

A: Calculation of book value of plant at the time of disposal : Book Value = Cost of asset -…

Q: On December 1, 20120, Boyd Co. purchased a 400,000 tract of land for a factory site. Boyd razed an…

A: Introduction: The balance sheet is among the three basic financial statements that are required for…

Q: Sheridan Company acquires land for $71000 cash. Additional costs are as follows. Removal of shed…

A: The cost of acquisition of land includes terms like Cash, Removal, Filling, Salvage, Broker…

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: Cost of building refers to the cost which includes the purchase price which involves price paid to…

Q: A company's old machine that cost $60,000 and had accumulated depreciation of $24,000 was traded in…

A: Correct option is B.$70,000   The new machine should be recorded at $70,000

Q: MAGANDANGEHEMPLO, Inc. obtained a land with an old building, that will be accounted for under…

A: Asper PPE , land and building going to list as separate items in PPE basis on their fair value As…

Q: Determine the initial valuation of each of the assets Teradene acquired in the above transactions.…

A:

Q: Calculate the acquisition cost of the Mixture Machine that will be used as the base for future…

A: Below is the calculation of the acquisition cost of the Mixture Machine and related journal entries…

Q: During the current year, Marshall Construction trades an old crane that has a book value of $90,000…

A: a)Assuming that this exchange is considered to have commercial substance , prepare the journal…

Q: Auto purchased a $500,000 tract of land that is intended to be the site of a new office complex. The…

A: Land is the fixed asset for the company that is recorded in the balance sheet of the company.

Q: Bridgeport Industries purchased the following assets and constructed a building as well. All this…

A: Journal entries (JE) refers to posting of the transactions into the books of the entity as well as…

Q: A company’s old machine that cost $60,000 and had accumulated depreciation of $24,000 was traded in…

A: Formula: Asset book value = Purchase price - Accumulated depreciation

Q: a. The Hope Company purchased a building for $500,000. In addition, the following costs were…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: During the current year, Marshall Construction trades an old crane that has a book value of $90,000…

A:

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: The costs incurred to make the land available for use is included in the cost of land.

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.