Reference no: EM132642966
Question - Gibbs Manufacturing Co. was incorporated on 1/2/19 but was unable to begin manufacturing activities until 8/1/17 because new factory facilities were not completed until that date. The Land and Buildings account at 12/31/19 per the books was as follows:
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Date
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Item
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Amount
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1/31/19
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Land and dilapidated building
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$200,000
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2/28/19
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Cost of removing building
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4,000
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4/1/19
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Legal fees
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6,000
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5/1/19
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Fire insurance premium payment
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5,440
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5/1/19
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Special tax assessment for streets
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4,500
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5/1/19
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Partial payment of new building construction
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190,000
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8/1/19
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Final payment on building construction
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190,000
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8/1/19
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General expenses
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30,000
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12/31/19
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Asset write-up
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75,000
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$704,940
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Additional information:
1. To acquire the land and building on 1/31/19, the company paid $100,000 cash and 1,000 shares of its common stock (par value = $100/share) which is very actively traded and had a fair value per share of $160.
2. When the old building was removed, Gibbs paid Kwik Demolition Co. $4,000, but also received $1,500 from the sale of salvaged material.
3. Legal fees covered the following:
Cost of organization $2,000
Examination of title covering purchase of land 2,000
Legal work in connection with the building construction 1,000
$5,000
4. The fire insurance premium covered premiums for a three-year term beginning May 1, 2019.
5. General expenses covered the following for the period 1/2/19 to 8/1/19.
President's salary $20,000
Plant superintendent covering supervision of new building 10,000
$30,000
6. Because of the rising land costs, the president was sure that the land was worth at least $75,000 more than what it cost the company.
Instructions - Determine the proper balances as of 12/31/19 for a separate land account and a separate buildings account. Use separate presentation of accounts (one for land and one for buildings) labeling all the relevant amounts and disclosing all computations.
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