User Account

All Pages

Determine the total cost of each of the assets

Assignment Help Financial Accounting
Reference no: EM132781559

Question - Atikokan Properties purchased land and a building on April 1, 2021.

Other information pertaining to this purchase follows:

Purchase price of land and building  $852,278

Appraisal value of land on April 1, 2021 $134,500

Appraisal value of building on April 1, 2021 $740,400

Legal fees for the purchase of the property $8,347

Atikokan renovated the purchased building during the month of April 2021, incurring the following additional costs: $128,246

During the months of May and June 2021, Atikokan constructed a second building on the new property, incurring the following additional costs:

Clearing, grading, and filling the land $25,034

Architectural and design fees $13,176

Land survey costs for building construction site $5,624

Excavation costs $ 6,402

Construction costs $752,797

Paving for driveway to building $32,589

At the conclusion of construction, Atiokan paid the following premium for a one-year policy to insure the building $4,994

On December 31, 2021, Atiokan received a special assessment from the municipality for road improvements in the following amount $8,033

REQUIRED - Determine the total cost of each of the following assets and prepare any journal entries required for each of the above transactions:

Land

Building 1 (Original building)

Building 2 (Newly constructed building)

Land Improvements

(Round any calculations to nearest whole percentage)

Assume that all costs were paid in cash.

Reference no: EM132781559

Questions Cloud

Explain four principle of digital evidence : Briefly explain four principle of digital evidence that always been a guideline in identifying potential evidence.
Establish marketing objectives based on the results : Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives
Convert weaknesses and threats to strengths : Convert weaknesses and threats to strengths, then strengths to opportunitiesin the marketing plan. Consider the implications for addressing supplier
What constitutes an educational technology : What constitutes an educational technology? When is a technology educational and not just a technology. Is writing a technology?
Determine the total cost of each of the assets : Determine the total cost of each of the following assets and prepare any journal entries required for each of the above transactions
Build a reliable decimal computer : Is it currently feasible to build a reliable decimal computer due to the degradation and signal loss inherent in current electrical systems.
Describe how to create conversations about ethics : Describe how to create conversations about ethics. Provide a definition of what an ethical leader is.
Assess company competitive advantage : Assess your company's competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization
Prepare the journal entries for ellis company : Prepare the journal entries for Ellis Company for the following transactions. January 1, 2021: Ellis Company sells 30 of the bonds for $38,000

Reviews

Write a Review

Financial Accounting Questions & Answers

  How might use the same idea to value securities

Is there a way to calculate a value that could be compared to the stock's market price that would tell an investor whether it's a good buy?

  Prepare company flexible budget for based on actual level

During April, Elsa Corporation budgeted for 27,000 customers, but actually served 23,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.10q Wages and salari..

  Discuss factors that might counteract bias in the auditing

Which theory of psychology (client preference bias, or mental accounting or other...... ) supports this hypothesis? Motivate your answer.

  Advantages of debt versus equity capital formation

Compare the tax advantages of debt versus equity capital formation of the corporation for the client and recommend to the client whether he / she should use debt or equity for capital formation of the new corporation, based on your research. Provid..

  What is the median starting pay for the given job

What is the median starting pay for this job? What education level is generally required for entry-level work? What is the work environment like?

  Illustrate what are the us tax consequences of teny year

During Year 2, Teny had no earnings and profi ts, paid no foreign income taxes, and distributed a $12 million dividend. Assuming the U.S. corporate tax rate is 35%, illustrate what are the U.S. tax consequences of Teny’s Year 1 and Year 2 activitie..

  Implication of the revenue recognition accounting policy

What is the implication of the revenue recognition accounting policy on trade debtors and disbursements and work in progress account balance?

  Enter the number in all cells

Enter the number in all cells that contain question marks.

  Illustrate what action is required if error is not discovere

What action is required? Ignore taxes. Illustrate what action is required if the error is not discovered until 4 years after it occurred?

  The stockholders'' equity section of the balance sheet

The stockholders' equity section of the balance sheet for Pental, Inc., follows before the stock dividend. Common stock, $1 par, 100,000 shares issued and outstanding $100,000 Additional paid-in capital 50,000 Retained earnings 450,000 Total stockhol..

  Comprehensive problem mrarvind has good amount of savings

mr.arvind has good amount of savings he wanted to start a business which can give him a good margin of profit. he

  Corporation whose stock is not publicly traded

LR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 3,500 shares of its $19 par value common stock. The owners’ asking price for the land was $123,000, and the fair ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd