QS 8-3 (Algo) Lump-sum purchase of assets LO C1 Diego Company paid $200,000 cash to acquire a group of items consisting of land appraised at $48,000 and a building appraised at $192,000. Allocate total cost to these two assets and prepare an entry to record the purchase.
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QS 8-3 (Algo) Lump-sum purchase of assets LO C1
Diego Company paid $200,000 cash to acquire a group of items consisting of land appraised at $48,000 and a building appraised at $192,000. Allocate total cost to these two assets and prepare an entry to record the purchase.
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- xercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $220, 500; land improvements are appraised at $73,500; and the building is appraised at $196,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase.Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $373,815 for real estate with land, land improvements, and a building. Land is appraised at $210,000; land improvements are appraised at $84,000; and the building is appraised at $126,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Land Land improvements Building Totals Appraised Value View transaction list Journal entry worksheet >help me please
- Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $192,000; land improvements are appraised at $72,000; and the building is appraised at $216,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $315,900 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $96,000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Total Cost of Appraised Acquisition Value Land Land improvements Building Totals Appraised Value $ 0 0% Required = Apportioned Cost $ Required 2 0.00Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvements
- Required information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $497,250; land, $292,500; land improvements, $68,250; and four vehicles, $117,000. Problem 8-1A (Algo) Part 4 es 4. Compared to straight-line depreciation, does accelerated depreciation result in payment of less total taxes over the asset's life? Is tax payment less under accelerated depreciation? Yes NoRequired information Problem 8-1A (Algo) Plant asset costs; depreciation methods LO C1, P1 [The following information applies to the questions displayed below.] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $465,300; land, $277,200; land improvements, $49,500; and four vehicles, $198,000. Problem 8-1A (Algo) Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3…d = ces Problem 6-22A (Algo) Accounting for acquisition of assets, including a basket purchase LO 6-1 Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $41,100; terms: 2/10, n/30; paid within the discount period. 2. Transportation-In: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $624. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copler, Computer, and Scanner for $53,500 with Fair Market Values 1. Copier, $26,445. 2. Computer, $9,030. 3. Scanner, $29,025. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $82,400. 2. Demolition of building, $5,410. 3. Lumber sold from old building, $2,210. 4. Grading in preparation for new building, $9,500. 5. Construction of new building, $217,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office…
- Problem 10-1A (Algo) Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $526,500; land, $263,250; land improvements, $39,000; and four vehicles, $146,250. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Land improvements Vehicles Total Estimated Market Value $…PS Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $32,000 salvage value. Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $537,300; land, $318,400; land improvements, $39,800; and four vehicles, $99,500. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Required 1B Required 2 Land improvements Vehicles Total Required 3 Estimated Market Value Percent of Total % % % % %…S10-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $110,000, the building $88,000, and the equipment $22,000. Journalize the lump-sum purchase of the three assets for a total cost of $210,000, the amount for which the business ve 1 signed a note payable.