Question

1. Assume Purchase price of the land 84133.00 Real estate commission (%) of the purchase price...

1. Assume

Purchase price of the land 84133.00
Real estate commission (%) of the purchase price 6.70
Demolition of old building on site 20524.34
Sale of scrap from old building 8702.32
Construction cost of the new building 603657.00
Land survey costs 7151.30
Back taxes 9507.03
Architect fees 63383.99

The initial value of the land is: ___________

2. During the current year, an ABC company incurred the following costs:

$
R&D services performed by XYZ for ABC 97556
R&D performed by ABC for QRS 12674
Design, construction, and testing of preproduction prototypes and models 43452
Testing in search for new products or process alternatives 76389

The amount ABC should report as R&D expense is: ___________

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
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
Similar Questions
Bordewick, Inc. purchased land and incurred the following costs: Purchase price $500,000, Clearing and grading costs...
Bordewick, Inc. purchased land and incurred the following costs: Purchase price $500,000, Clearing and grading costs $50,000, Demolition costs on old building $12,500, Broker fees to execute purchase $10,000, Cost of a new parking lot $25,000. What is the cost recorded for the land account? A. $597,500 B. $572,500 C. $562,500 D. $550,000
Based upon the following data, what is the cost of the land? Land purchase price $192,411...
Based upon the following data, what is the cost of the land? Land purchase price $192,411 Broker's commission 15,502 Payment for the demolition and removal of existing building 5,028 Cash received from the sale of materials salvaged from the demolished building 1,398 $
On February 1, 2020, Crane Company purchased a parcel of land as a factory site for...
On February 1, 2020, Crane Company purchased a parcel of land as a factory site for $318000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 21000 Architect's fees 36000 Legal fees for title investigation and purchase contract 5300 Construction costs 1392000 (Salvaged materials resulting from demolition were sold for $10800.) Crane should record...
On February 1, 2020, Coronado Industries purchased a parcel of land as a factory site for...
On February 1, 2020, Coronado Industries purchased a parcel of land as a factory site for $325000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 21300 Architect's fees 33900 Legal fees for title investigation and purchase contract 5400 Construction costs 1379000 (Salvaged materials resulting from demolition were sold for $9600.) Coronado should record...
On March 1, 2018, Beldon Corporation purchased land as a factory site for $71,000. An old...
On March 1, 2018, Beldon Corporation purchased land as a factory site for $71,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2018. Costs incurred during this period are listed below: Demolition of old building $ 9,500 Architect’s fees (for new building) 10,000 Legal fees for title investigation of land 7,500 Property taxes on land (for period beginning March 1, 2018) 4,100 Construction costs 610,000 Interest on...
On March 1, 2018, Beldon Corporation purchased land as a factory site for $72,000. An old...
On March 1, 2018, Beldon Corporation purchased land as a factory site for $72,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2018. Costs incurred during this period are listed below: Demolition of old building $ 5,000 Architect’s fees (for new building) 11,000 Legal fees for title investigation of land 8,000 Property taxes on land (for period beginning March 1, 2018) 4,200 Construction costs 620,000 Interest on...
Use the following to answer questions 1 – 4 J&T Company purchased land as a factory...
Use the following to answer questions 1 – 4 J&T Company purchased land as a factory site.  An old building on the property was demolished, and construction began on a new building.  Costs incurred during the first year are listed below: Land purchased as a factory site $450,000 Building construction costs 1,750,000 Interest cost related to the construction 80,000 Demolition of old building 45,000 Title investigation of land 11,000 Property taxes on land (past due for last year) 5,700 Property taxes on...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance $ 26,000 Legal fees for drawing the contract 5,000 Pro-rated property taxes for the period after acquisition 46,000 State transfer fees 5,000 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent...
Crown acquired some land for the purpose of building a new storage facility for its large...
Crown acquired some land for the purpose of building a new storage facility for its large equipment. The following costs related to these plant assets were incurred in in 20Y3: Land purchase price - $150,000 Real estate broker’s commission on the sale of the land - $4,000 Land title transfer fees - $500 Cost to remove an old building that existed on the land - $8,000 Construction costs related to the new building - $330,000 Installation of a sprinkler system...
On March 1, 2017, Beldon Corporation purchased land as a factory site for $58125. An old...
On March 1, 2017, Beldon Corporation purchased land as a factory site for $58125. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2017. Costs incurred during this period are listed below: Demolition of old building $3300 Architect's fees for new building $13578 Legal fees for title investigation of land $1649 Property taxes on land for period beginning March 1, 2016 $2084 Construction costs $552822 Interest on construction...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT