User Account

All Pages

How much should be recorded as the cost of the land

Assignment Help Accounting Basics
Reference no: EM132733018

Question - February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $122,000. 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 $2,000

Architect Fees $11,250

Legal Fees - for title search $1,350

Interest During Active Construction Period $5,025

Real estate transfer tax $825

Construction Costs $605,000

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

Reference no: EM132733018

Questions Cloud

Crime reduction through environmental design : Explain the philosophy of Crime Reduction through Environmental Design (CRTED).
Explain the different effects that a stock dividend : Explain the different effects that a stock dividend and stock split would have on International Company's financial position and number of shares
How is the employer liable for workplace violence : Define the exclusivity provision, and analyze how this provision helps protect the employer from civil lawsuits that are associated with workplace violence?
Do believe attorney lack integrity or ethical considerations : In these commercials on television or the internet, do you believe these attorneys lack integrity or ethical considerations? Why, or why not?
How much should be recorded as the cost of the land : Salisbury Company purchased land for the future factory location at a cost of $122,000. How much should be recorded as the cost of the land
Stress and crisis management : First, it is important to understand that the category of victim and the type of incident will indicate the methods used in handling the victims.
How would feel about that general contractor hiring : How would you feel about that general contractor hiring 10 different subcontractors to complete the project? Would you feel like the vision for the project
Why is a business model important : Why is a business model important? Conduct a little research on models and discuss the difference between the product model and the marketing model.
What are the journal entries that the churab company make : On February 1, 2020, Churab sold all its shares of its UNCY stock for $19 a share. What are journal entries that Churab Company would make for the investments

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journal entry to pay a cash dividend

1. The journal entry to pay a cash dividend is to:

  Calculate the number of sticks that were sold during June

Suppose that on June 1, Slapshot had 5,300 units in finished goods inventory costing $160,000. Calculate the number of sticks that were sold during June

  Bigbyte company has 20 obsolete computers that are carried

bigbyte company has 20 obsolete computers that are carried in inventory at a cost of 15000. if these computers are

  Determined at the date of the purchase that the fair value

determined at the date of the purchase that the fair value of the identifiable net assets of Hall

  Determine the amount of the annual deposit

Determine the amount of the annual deposit. Soon after your child enters school, you decide to establish an educational fund for college education.

  How correct is Cotton statement

How correct is Cotton's statement that: 'Once the system is acquired then the business can get back to normal and do what it does best - take photos

  Prepare the stockholder equity section of the balance sheet

The company authorizes the sale of 10% preferred stock, 50,000 shares at par value of $50. Prepare stockholder's equity section of the balance sheet for year

  The measurement of all assets of its business

Janice Corporation UK is public corporation which manufactures a technology. Janice uses fair value measurement for the measurement of all assets of its business.

  Compute the imputed interest charge

Suncoast Food Centers has provided the following information with regard to the purchase of equipment. Use a 10 percent rate to compute imputed interest charge

  Question - Internal Service Fund Financial Statements

Question - Internal Service Fund Financial Statements. Prepare the statement of revenues, expenses, and changes in net position for fiscal 2020

  Direct materials and direct labor variances

Party Balloons Company produces Mylar balloons. The company's direct materials standards for its deluxe balloon include 3 ounces of Mylar.

  Freddie preparer penalty

Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?

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