Reference no: EM132678201
Land and Building Cost The following expenditures were incurred by Lyon Enterprises Co. in 2019:
Purchase of land P 3,900,000
Land Survey 52,000
Fees for search of title for land 6,000
Building permit 35,000
Temporary quarters for construction crews 107,500
Payment to tenants of old building for vacating the premises 46,000
Razing old building 470,000
Excavating basement 100,000
Special assessment tax for street project 20,000
Dividends 50,000
Damages awarded for injuries sustained in construction 84,000
Cost of construction 29,000,000
Cost of paving parking lot adjoining building 400,000
Cost of shrubs, trees, and other Landscaping 330,000
Required:
Problem 1. Among the expenditures mentioned, determine the cost of land.
Problem 2. Among the expenditures mentioned, determine the cost of the building.
|
What the balances of garret and josh capital accounts
: Dawn, Garret and Josh have partnership capital account balances, What the balances of Garret's and Josh's Capital accounts after Dawn's withdrawal would be
|
|
When is sole proprietorship form more advantageous
: A stockholder of a corporation owning 40%. In terms of income taxes, when is sole proprietorship form more advantageous than the corporate or partnership form?
|
|
Prepare the required adjusting journal entries
: You are assigned to do the audit the work for Howard Ltd. Prepare the required adjusting journal entries and explain the treatment of all other issues.
|
|
Compute the total cost of the new machine
: Compute the total cost of the new machine. Joestar Company purchase a new machine for an invoice price of P3,360,000 inclusive of vat of P360,000.
|
|
Determine the cost of the building among the expenditures
: Among the expenditures mentioned, determine the cost of the building. Payment to tenants of old building for vacating the premises 46,000
|
|
What is entry to record the derecognition of note payable
: An entity settled an outstanding note payable with face amount of 3,000,000.00. What is the entry to record the derecognition of the note payable?
|
|
What are the pertinent entries
: What are the pertinent entries? On January 1, 20x1 Restrain to Curb Co. issued 1, 000, P 2,000, 10%, 3 year bonds for 1,903,927.00.
|
|
Determine what are the warranty expense balances
: Kiner Equipment Company, Under the expense warranty treatment, Give the entries to reflect the above transaction(accrual method) for 2004 and 2005.
|
|
Identify the system being described
: This paper requires a minimum of two (2) references. Cover page must have a title, your name, the course number, and date. The paper must be typed.
|