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Samtech Manufacturing puchased land building for $4 million. In addition to the purchase price, Samtech made made the following expenditures in connection with the purchase of the land and building:
Title insurance $22000 legal fees for drawing the contract $8000 pro-rated taxes for the period after acquisition $42000 state transfer fees $4600. An independent appraisal estimated the fair values of the land and buiding if purchased separately at $1 and $4 million respectively. Shortly after acquisition, Samtech spent $88000 to construct a parking lot and $46000 for landscaping. What is the initial valuation of the land? What is the initial valuation of the building?
patsy folson is evaluating what appears to be an attractive opportunity. she is currently the owner of a small
tom zuluaga company placed an asset in service on january 2 2012. its cost was 1350000 with an estimated service life
Determine each year's absorption costing net operating income. Present your answer in the form of a reconciliation report.
Obtain annual reports from three corporations in the same primary industry and compare the management of each company's investment in receivables.
presented below is information from quezada computers incorporated.july 1 sold 10000 of computers to robertson company
Emerson produces all of its toasters in a single plant. Normal activity is 45,000 units per year. Standard overhead rates are computed based on normal activity measured in standard direct labor hour. During the year, Emerson experienced the follow..
Which is not a GAAP for investments in equity securities?
List the major deficiencies in the audit and state why they took place
Investments that cost $ 3,000,000 were redeemed for $ 3,000,000 plus $ 50,000 interest. V. P. was paid the amount due in transaction The contractor was paid the amount due in transaction
Kaylyn is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $160,000 and a charitable contribution of $10,000. The partnership paid office expenses of $100,000. In addition, KKM distributed $10,000 each ..
pacific products inc. completed and transferred 55000 particle board units of production from the pressing department.
Jose purchases a building for $100,000 in the current year and wants to use the double declining balance method. The asset has a life of 3 years and a residual value of $10,000. What is the depreciation for the THIRD year?
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