What cost does the company assign to the land

Assignment Help Finance Basics

Reference no: EM132080044

Question: The Timrod Company paid $500,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $50,000 for an appraisal which revealed the following values: land, $150,000; buildings, $250,000; and equipment, $200,000.

Required- What cost does the company assign to the land, the buildings, and the equipment, respectively?

Reference no: EM132080044

Questions Cloud

What is the final cost of the inventory for tom tires : Tom's Tires purchased inventory for $2,400 and also paid $85 freight to have the inventory deliverd. Tom's returned $100 of the goods to the seller.

Different sectors handle staffing issues differently : As you would expect, organizations in different sectors (business, government, nonprofit) handle staffing issues differently.

Discuss the given situation of tom and marie shafer : Tom and Marie Shafer purchased a household washing machine and dishwasher on credit from the Georgia Power Company (GPC). GPC took purchase money security.

What are some of the red flags : Timing is an important factor in revenue recognition. Discuss two incentives/pressures faced by a company that might be used as an opportunity to falsify.

What cost does the company assign to the land : The Timrod Company paid $500,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $50,000 for an appraisal.

Write a sed script called activity61 to format : Write a sed script called activity61 to format the above file as: FullNname PhoneNumber EmailAddress

What is tom income tax basis in the property : Tom and Elizabeth purchase land for $1 million-Tom furnishes $400,000 and Elizabeth $600,000 of the purchase price.

Determine the amount of the premium on the day of issue : On January 1, 2016, Young Company issued bonds with a face value of $300,000, Determine the amount of the premium on the day of issue

Determine the factory overhead rate : Tin y Biggs Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct.

User Account

All Pages