AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000 Leveling land 1,600 Salvage value of cement from the old wall 27,040 Broker commission 7,530 Removal of an old wall 6,300 Closing costs 5,600 AI Barka will record the acquisition cost of the land as: Select one: O a. RO 94,090. O b. RO 92,000. O c RO 95,990. O d. None of the answers ae correct. O e. RO 95,770.

AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000 Leveling land 1,600 Salvage value of cement from the old wall 27,040 Broker commission 7,530 Removal of an old wall 6,300 Closing costs 5,600 AI Barka will record the acquisition cost of the land as: Select one: O a. RO 94,090. O b. RO 92,000. O c RO 95,990. O d. None of the answers ae correct. O e. RO 95,770.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 77P

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AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000 Leveling land 1,600 Salvage value of cement from the old wall 27,040 Broker commission 7,530 Removal of an old wall 6,300 Closing costs 5,600 Al Barka will record the acquisition cost of the land as: Select one: O a. RO 94,090. O b. RO 92,000. O c RO 95,990. O d. None of the answers ae correct. O e. RO 95,770.
Mazaya Company acquires land for RO 96,000 cash. Additional costs are as follows Removal of shed RO 400, Fitling and grading 1.530, Salvage value of lumber of shed 120, Broker commission 1530, Paving of parking lot 10,000, Closing costs 650 Mazaya will record the acquisition cost of the land as Select one O a RO 96,00o. O b RO 99.990. O C RO 98,09o. O d RO 99.770.
Oriole Company acquires land for $86300 cash. Additional costs are as follows: Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs $290 O $97800. O $87980. $89640. O $89900. 1500 130 1130 11500 550 Oriole will record the acquisition cost of the land as
PQ16.04 Shaffer Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed $ 300 Filling and grading 1,500 Salvage value of lumber of shed 120 Broker commission 1,130 Paving of parking lot 10,000 Closing costs 560 Shaffer will record the acquisition cost of the land at?
Novak Company acquires land for $56200 cash. Additional costs are as follows: Removal of shed $1720 Filling and grading Paving of parking lot Closing costs 1450 O $60060. O $56200. O $56890. $40050 9000 690 Novak will record the acquisition cost of the land as
Carlos Company purchased a building and land for $400,000 in total. Individually, the landappraised for $84,000 and the building appraised for $336,000. How much of the purchaseprice should be allocated to the cost of the land?a. $75,000b. $80,000c. $84,000d. $400,000
Buko Co. purchased land and building by paying P5,000,000 and assuming a mortage of P1,000,000.The land and building have fair values of P2,500,000 and P5,000,000 , respectively Buko Co. will use the buildings as its new office. Buko Co. also incurred the following costs: Land registration costs 4,000 Payment to tenants to vacate premises 4,500 Option paid on the land and building 3,000 Option paid on similar land and building not acquired 1,500 Broker’s fee on the land and building 7,500 Unpaid real estate taxes prior to acquisition date assumed by Buko Co. -assessed on land 15,000 Real estate taxes after April 1, 20x1 10,000 Repairs and renovation costs before the building is occupied 20,000 Repair costs after the building is occupied 25,000
Rachel Weitzman's basis in investment-use land was $15,000. She received a gross condemnation award of $17,500. Her net condemnation award was $12,250. She purchased replacement property at a cost of $18,000. What is Rachel's basis in the replacement property? $2,500 $15,000 $15,500 $18,000
A. ACQUISITION COSTS Mr. Ardi acquired land at a cost of Rp4.200.000.000 on April 1, 2019. In addition to this cost, he had to pay the following expenses: a. Commission fee, 2% from the land price, Rp84,000,000 b. Land acquisition tax Rp12,000,000 c. Removal cost of old (unused) building Rp20.500.000. Mr. Ardi received Rp17.000.000 from the sales of salvage materials. d. Rpl10.000.000 to build a fence e. Rp215.000.000 to build a parking lot Instructions: Prepare the journal entries for the above transaction! (4%)
a. The Hope Company purchased a building for $500,000. In addition, the following costs were incurred: at the purchase Broker commission $25,000 Transfer taxes 000'01 Closing costs Legal fees Past real estates owed by seller 000'0r 000'9 Before the building was open, another $100,000 of renovation costs were incurred to get the building ready for the company's use. After the building was open the following costs were incurred: Current real estate taxes Minor repairs 000 Instructions; Calculate the amount that should be debited to the building account at acquisition. b. 1. On January 1, year 1, the Acme Company purchased a machine for $85,000. The useful life was 5 years or 320,000 units and the salvage value was $5,000. The expected unit output per year is as follows: 1. 60,000 2. 100,000 3. 40,000 4. 90,000 5. 30,000 Instructions; On the worksheet provided, compute the depreciation expense per year under straight-line, double declining balance and unit of activity methods 2. Based on…
At the beginning of the current year, Dianne company purchased a tract of land for P6,000,000. The entity incurred additional cost of 1,500,000 durinhg the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: LOT CLASS Number of lots Sales Price per lot A 100 P240,000 B 100 P160,000 C 200 P100,000 If 150 class C lots were sold, How much is the cost of unsold class C lots?
Concord Company acquires land for $86700 cash. Additional costs are as follows: Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs $250 1600 100 $96400. $90130. $88380. $90330. 1140 9700 540 Concord will record the acquisition cost of the land as