What amount will robin company record as the cost of land

Assignment Help Financial Accounting
Reference no: EM132531276

Question 1: Robin Company acquires a piece of land on which it intends to build a factory to produce its primary product. The land is listed for sale at $460,000, but Robin Company's real estate broker is able to negotiate a sales price of $430,000. The land contains an old office building that is razed at a cost of $25,000 ($29,000 in costs less $4,000 proceeds from salvaged materials). Robin Company pays a commission to the real estate broker of $23,000 and an attorney's fee of $6,000. On its statement of financial position at December 31, 2020, what amount will Robin Company record as the cost of the land?

Reference no: EM132531276

Questions Cloud

What role does socialization practices play : Apply current and previous learnings in OB to support successful facilitation of groups within an organization. For your paper, you must identify and defend.
What is definition of recognition for asset and a liability : Comment whether the deferred tax asset and deferred tax liability meet the definition and recognition for an asset and a liability according to the Conceptual
Describe why outcomes were either positive or negative : At one time, the idea of an organization promoting from within was seen as all good with no downside. But is it true that this is really the best way for an.
What some benefits of diversity in an organization are : Explain what some benefits of diversity in an organization are. Also explain what issues diversity a leader may encounter. 300 words.
What amount will robin company record as the cost of land : What amount will Robin Company record as the cost of the land? Robin Company acquires a piece of land on which it intends to build a factory to produce
Challenges in a meaningful way : The overall banking industry is facing the following challenges in Bangladesh.
Reflection of how the knowledge : Provide a reflection of how the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work
What are the firm debt ratio and debt-to-equity ratio : What are the firm's debt ratio and debt-to-equity ratio in its present capital structure? How much equity does it need to raise in order
Describing the process that labor unions must follow : Write an explanatory essay of no less than three pages describing the process that labor unions must follow to be recognized as employee representatives.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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