Reference no: EM133086077
Question - Whispering Co. purchased land as a factory site for $480,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months.
The company paid $50,400 to raze the old buildings and sold salvaged lumber and brick for $7,560. Legal fees of $2,220 were paid for title investigation and drawing the purchase contract. Whispering paid $2,640 to an engineering firm for a land survey, and $81,600 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,800, and a liability insurance premium paid during construction was $1,080. The contractor's charge for construction was $3,288,000. The company paid the contractor in two installments: $1,440,000 at the end of 3 months and $1,848,000 upon completion. Interest costs of $204,000 were incurred to finance the construction.
Determine the cost of the land and the cost of the building as they should be recorded on the books of Whispering Co. Assume that the land survey was for the building.
At what amounts should each of the three assets be recorded
: Marin Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $321,300. At what amounts each of the three assets be recorded
|
Relationship between unemployment and inflation
: Why might there be an inverse relationship between unemployment and inflation over the short run when the economy is very close to full employment
|
Compute the weighted-average interest rate
: Wildhorse Company borrowed $1,012,250 on March 1 on a 5-year, 12% note to help finance construction of the building. Compute the weighted-average interest rate
|
Type of culture change
: When a company is not performing to its maximum potential, the culture and employees are often considered since employees are the biggest asset of a company
|
Determine the cost of the land and the cost of the building
: Determine the cost of the land and the cost of the building as they should be recorded on the books of Whispering Co. Assume that land survey was for building
|
Domestic auto production and public-sector employment
: Though union influence has diminished over past years, they still are a force in some industries such as domestic auto production and public-sector employment
|
Compute metlock weighted-average accumulated expenditures
: Expenditures were $1,932,000 on March 1, $1,212,000 on June 1, Compute Metlock weighted-average accumulated expenditures
|
Function of leaders under adaptive leadership approach
: What is the main function of leaders under the Adaptive Leadership approach?
|
What do you have for health insurance
: What do you have for health insurance? Do you feel that you could benefit from socialized medicine?
|