Find what amount should be recorded for the purchase of land

Assignment Help Financial Accounting
Reference no: EM132834193

A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building:

Purchase price of the land $510,000
Sale of salvaged parts already on land $20,000
Demolition of the old building $23,000
Ground-breaking ceremony (food and supplies) $2,700
Land preparation and leveling $8,400

Problem 1: What amount should be recorded for the purchase of the land?

Reference no: EM132834193

Questions Cloud

What stock price would you consider appropriate : The sleeping flower Co. has earnings of $1.85 per share. The benchmark PE for the company is 21.16. What stock price would you consider appropriate
Describe the goodwill impairment testing steps performed : CVS Health's segments serve as its reporting units for assessing goodwill for potential impairments. Which segment suffered a 2018 impairment?
Prepare the journal entries for the lessee for first year : The implicit rate of interest in the lease is 10 per cent. Prepare the journal entries for the lessee for the first year of the lease
Critically evaluate the process of creating the budgetary in : ABC Ltd. is a new business which buys TVs and modifies them to the specific needs of the customer. The business will acquire fixed assets costing £200,000 and
Find what amount should be recorded for the purchase of land : A company incurred the following costs associated with the purchase of a piece. What amount should be recorded for the purchase of the land?
Communicate the vision and align stakeholders : In this discussion, we focus on the vision for your own change initiative. Use the questions below to develop and refine your vision statement:
Identify the main decisions that must be made : You are the principal of Sunset Hills, a K-8 school with an 800-student population. It is a May mid-morning in Phoenix, Arizona, where the outside temperature.
What cost recorded for the equipment was : A company purchased new equipment for $40,000. The company paid cash for the equipment. What cost recorded for the equipment was?
Compute the value of the stock today : The company expects the dividend will grow at an annual rate of 15 percent for the next five years. Compute the value of the stock today

Reviews

Write a Review

Financial Accounting Questions & Answers

  Define stand-alone principle applying in evaluating projects

Focus is more on wealth maximization of the shareholder, though profit maximization is considered as a part of the wealth maximization objective. Discuss.

  Which investment should be accounted for using equity method

Which investment should be accounted for using the adjusted to market method and which investment should be accounted for using the equity method?

  What is actual forward contract or the synthetic forward

What is actual forward contract or the synthetic forward, calculate the synthetic forward at FY1USD/AUD = 0.85 and your banker quotes you F1USD/AUD = 0.82

  What was the company total debt to total capital ratio

New common stock was issued during the year. If its year-end total debt was $120 million, what was the company's total debt to total capital ratio?

  Evaluate what diluted earnings per share are

Carry a 7% interest rate, and are convertible into 40,000 shares. The company has a 40% tax rate. Diluted earnings per share are?

  What role does each step play in the success of a business

Identify the steps of the accounting cycle and provide a description of each step. What role does each step play in the success of a business? How could the omission of a step impact the success of a business? What strategies could be used to avoid t..

  Calculate the deferred income tax asset or liability

Calculate the deferred income tax asset or liability that would appear on Barker's consolidated statement of financial position at December 31, 20X9.

  Complete below table to record the company journal entry

The Gorman Group issued $820,000 of 13% bonds on June 30, 2016, for $881,688. The bonds were dated on June 30 and mature on June 30, 2036 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually on Dec..

  Prepare journal entries upon termination of join arrangement

Prepare all the journal entries upon termination of the joint arrangement, assuming A separate records will be maintained by the operators.

  Prepare a cash budget for the two months

UUAC5300 - Accounting and Finance for Executives - Prepare a cash budget for the two months ended February 28, 2018 showing the expected cash balance

  Steps in the accounting cycle

Explain why following the steps in the accounting cycle is important.

  Prepare in good format heckles balance sheet as of june

Prepare, in good format, heckles balance sheet as of June 30, 2013. Preparation of simple balance sheet; current and noncurrent classifications.

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!

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