Simpson and Homer Corporation acquired an office building on
three acres of land for a lump-sum...
Simpson and Homer Corporation acquired an office building on
three acres of land for a lump-sum price of $2,450,000. The
building was completely furnished. According to independent
appraisals, the fair values were $840,000, $840,000, and $1,120,000
for the building, land, and furniture and fixtures, respectively.
The initial values of the building, land, and furniture and
fixtures would be:
Building
Land
Fixtures
a.
$
840,000
$
840,000
$
1,120,000
b.
$
735,000
$
735,000
$
980,000
c.
$
735,000
$
735,000...
The Claxton Company acquired an office building on three acres
of land for a lump-sum price...
The Claxton Company acquired an office building on three acres
of land for a lump-sum price of $2,800,000. The building was
completely furnished. According to independent appraisals, the fair
values were $1,680,000, $2,100,000, and $420,000 for the building,
land, and furniture and fixtures, respectively. The initial values
of the building, land, and furniture and fixtures would be:
Building, Land, Fixtures
a.
$
1,680,000
$
2,100,000
$
420,000
b.
$
1,120,000
$
1,400,000
$
280,000
c.
$
1,400,000
$
1,120,000
$...
A company acquired an office building on three acres of land for
a lump-sum price of...
A company acquired an office building on three acres of land for
a lump-sum price of $2,400,000. The building was completely
equipped. According to independent appraisals, the fair values were
$1,300,000, $780,000, and $520,000 for the building, land, and
equipment, respectively. At what amount would the company record
the building?
Multiple Choice
$720,000.
$1,200,000.
None of these answer choices are correct.
$1,300,000.
1. Cantor Corporation acquired a manufacturing facility on 4
acres of land for a lump sum...
1. Cantor Corporation acquired a manufacturing facility on 4
acres of land for a lump sum price of $8,000,000. The building
included used, but functional, equipment. According to independent
appraisals, the fair market values were $4,500,000 for the
building, $30,00,000 for the land, and $2,500,000 for the
equipment. What would be the value of the purchase price allocated
to the building, land, and equipment?
use excel and label
Pinewood Company purchased two buildings on four acres of land.
The lump-sum purchase price was $1,700,000....
Pinewood Company purchased two buildings on four acres of land.
The lump-sum purchase price was $1,700,000. According to
independent appraisals, the fair values were $810,000 (building A)
and $360,000 (building B) for the buildings and $630,000 for the
land.
Determine the initial valuation of the buildings and the
land.
Building A
Building B
Land
AFM Holdings Co. purchased 15 acres of land with an office
building and warehouse on it...
AFM Holdings Co. purchased 15 acres of land with an office
building and warehouse on it for $2,000,000. The assets were
appraised at: land $1,000,000, building $600,000, and warehouse
$900,000. The assets were carried on the seller's books at: land
$800,000, building $500,000, and warehouse $700,000. At what cost
should the purchasing company record each of the assets?
Land, Building, Warehouse:
a. $1,000,000, $600,000, $900,000
b. $800,000, $480,000, $720,000
c. $800,000, $500,000, $700,000
d. $1,000,000, $500,000, $500,000
A company purchased land with a building for a lump-sum cost of
$2,570,000 ($500,000 paid in...
A company purchased land with a building for a lump-sum cost of
$2,570,000 ($500,000 paid in cash and thebalance on a long-term
note). It was estimated that the land and building had market
values of $600,000 and$2,400,000, respectively.
Determine the cost to be apportioned to the land and to the
building.
A corporation owns an office building and land. The office
building and land were acquired in...
A corporation owns an office building and land. The office
building and land were acquired in 1978 for $1,100,000 and $80,000
respectively. During the current year, the properties are sold for
$1,180,000 with 40% of the selling price being allocated to the
land. The assets as shown on the corporation's books before their
sale are as follows:
Building
$1,100,000
Acc. Depreciation $980,000
(a)
$120,000
Land
$80,000
(a) if the straight line method of depreciation had been used,
the accumulated depreciation...
Bowie Company made a lump sum purchase of land,
building, and equipment. The following were the...
Bowie Company made a lump sum purchase of land,
building, and equipment. The following were the appraised values of
each element:
PP&E Element
Amount
Land
$10,000
Building
25,000
Equipment
45,000
Bowie paid $65,000 cash for the lump sum purchase. What
value should be allocated to the building? (Enter only whole dollar
values.)
1) Minor Company purchased land which is being prepared for the
construction of a new office...
1) Minor Company purchased land which is being prepared for the
construction of a new office building. Which of the following
should be included in the cost of the land?
A) cost of removing an old building
B) cost of clearing and grading the land
C) cost of the fence which surrounds the property
D) A and B
2) Land, a building and equipment are acquired for a lump sum of
$800,000. The market values of the land, building and...