How much should be recorded as the cost of new building

Assignment Help Accounting Basics
Reference no: EM131746463

Question - February 1, 2016, Alpha Company purchased land for the future factory location at a cost of $50,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2016. Costs incurred during this period were:

Item

Amount

Demolition dilapidated building

$3,500

Architect Fees

$11,250

Legal Fees - for title search

$3,000

Interest During Active Construction Period

$16,750

Construction Costs

$515,000

Using this information, how much should be recorded as the cost of (Enter only whole dollar values.)

1. Land

2. New Building

Reference no: EM131746463

Questions Cloud

Prepare the entry to correct the prior years depreciation : Assume straight-line depreciation. Prepare the entry to correct the prior year's depreciation
Compute the dividend payout and the dividend yield : Did the companies pay cash dividends. Compute the dividend payout and the dividend yield for the past three years
Analyze the role channels of distribution have in meeting : Analyze the relationship distribution channels have to maintaining a satisfied target market.discuss why it is important to the marketing process.
Discuss difference in this investment and now children : When I first became pregnant with my first child, I knew that I had a responsibility to fulfill
How much should be recorded as the cost of new building : Using this information, how much should be recorded as the cost of (Enter only whole dollar values.) Land and New Building
Discuss a month into his party money with the money : I have not come across a situation that I can use for this assignment from anything I have purchased but I am planning my sons 5th birthday party
Discuss overall financial condition of dossier company : Make an assessment of overall financial condition of dossier company
Explain how is kac pushing art forward in the digital age : Explain how is Kac pushing art forward in the digital age? Use examples from the presentation. Why do you feel this way towards his work?
Describe your recommended distribution strategy : Evaluation of each area is based on your clarity and quality of your information and your discussion of that information.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find the cost of the merchandise

Sparks Co. sold merchandise to Boyt Co. on account, $8,500, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $5,100.

  Prepare campbell soup company journal entry

For 2012, Campbell Soup Company had pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company's.

  Basis for adjusting entries-annual adjustments

The following account balances are taken from the records of Laugherty Inc. at December 31, 2014. The Supplies account represents the cost of supplies on hand at the beginning of the year plus all purchases. A physical count on December 31, 2014, ..

  Why is accounting important and who governs accounting

Why is accounting important? Who governs accounting? How consistent is accounting among companies in the same industry?

  Debt vs equity financing

Prime National Financial Services is considering two plans for raising S 600,000 to expand operations. Plan A is to borrow at 6% and plan B is to issue 125,000 shares of common stock at $ 4.80 per share.

  Prepare a multiple-step income statement

The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007. Prepare a multiple-step income statement.

  Determine the flexible budget variances

Determine the flexible budget variances. Provide another name for the fixed cost flexible budget variance. Indicate whether the variances are favorable (F) or unfavorable (U).

  Compute the profit margin

Use the following financial statement information as of the end of each year to answer this question. Compute the profit margin for 2017

  Calculate the selling prices for job c and for job m

Kluth Corporation has two manufacturing departments-Molding and Customizing. Calculate the selling prices for Job C and for Job M

  How should nissan respond in this situation

Suppose that on November 1, the U.S. Federal Reserve intervenes to rescue the dollar, and the exchange rate adjusts to ¥220:$1 by the following July. What problems and/or opportunities does this situation present for Nissan and for General Motors?

  Jrry and sally divorced in agreement on july 1 2012

jerry and sally divorced in agreement on july 1 2012. jerry agreed to transfer to sally his interest in a rental home

  Provide the consolidated accounts of finalheadache ltd

ACT 503 Corporate Accounting Assignment. Provide consolidated accounts of FinalHeadache Ltd and Solutions Ltd as at 30 June 2019 with the Goodwill computation

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