User Account

All Pages

How much should be recorded as the cost of the land

Assignment Help Accounting Basics
Reference no: EM132497286

Question - February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $127,000. 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, 2018. Costs incurred during this period were:

Item Amount

Demolition dilapidated building $2,200

Architect Fees $11,250

Legal Fees - for title search $1,750

Interest During Active Construction Period $5,025

Real estate transfer tax $975

Construction Costs $605,000

Using this information, how much should be recorded as the cost of the land?

Reference no: EM132497286

Questions Cloud

What are the meanings of the terms knock-out : What are the meanings of the terms Knock-out and knock-in as it relates to transgenic animals? How are these animals produced? Highlight a basic procedure.
Determine the correct inventory amount to be reported : Determine the correct inventory amount to be reported in Raymond's 2019's balance sheet. Correct inventory amount-Goods in transit, consignment
What is the difference of cytoplasm division : What is the difference of cytoplasm division (cytokinesis) in plants and animals? Explain.
What price should thandi sell stock : At what price should Thandi sell her stock? Assume Thandi's stock has a beta of 1.10, the market rate is at 14%, and the risk free rate is at 3%.
How much should be recorded as the cost of the land : Salisbury Company purchased land for the future factory location at a cost of $127,000. How much should be recorded as the cost of the land
Propose a research question about australian redback : Propose a research question about Australian redback spiders that is at the level of organismal ecology.
Determining the reductional process : Meiosis is considered a 'reductional' process. Can you explain why? When does that occur?
Prepare journal entries to record the transactions : Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared
Calculate the ratio for comfy home : Comfy Home is performing a ratio analysis. Using the financial statements provided, please calculate the following ratio for Comfy Home

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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