On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $552,200 for real estate plus $29,500 cash in closing costs. The real estate included land appraised at $243,950; land improvements appraised at $77,350; and a building appraised at $273,700. (a) PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 243,950 Land improvements Building 77,350 260,400 Cash 581,700
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- On April 12, 2020, Prism Ltd., a camera lens manufacturer, paid cash of $559,400 for real estate plus $30,100 cash in closing costs. The real estate included land appraised at $210,350; land improvements appraised at $78,130; and a building appraised at $312,520. PPE Asset (a) Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase.Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $245.000; land improvements are appraised at $73,500; and a building is appraised at $171,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.Selected accounts included in the property, plant, and equipment section of Kingbird Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment 1. 2. During 2025, the following transactions occurred. 3. $426,000 198,800 Sales taxes 1,562,000 1,363,200 A tract of land was acquired for $213,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,400 shares of Kingbird's common stock. On the acquisition date, Kingbird's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $156,200 for land and $454,400 for the building at the exchange date. Current appraised values for the land and building, respectively, are $326,600 and $979,800. Items of machinery and equipment were purchased at a total cost of $568,000. Additional costs were incurred as follows. Installation…
- At December 31, 2025, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2026, the following selected cash transactions occurred. Apr. May June Date 1 Purchased land for $3,335,200. 1 Sold equipment that cost $909,600 when purchased on January 1, 2019. The equipment was sold for $257,720. 1 Sold land for $2,425,600. The land cost $1,516,000. July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2016. No salvage value was received. April 1 $26,520,000 11,934,000 60,640,000 7,580,000 May 1 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.) Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated…Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $52,000; and the building is appraised at $234,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…
- Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; improvements are appraised at $58,890and a building is appraised at $176,670. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.Rodriguez Company pays $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]At December 31, 2018, certain accounts included in the property, plant, and equipment section of Townsand Company's balance sheet had the following balances: Land $100,000 Buildings 800,000 Leasehold improvements 500,000 Machinery and equipment 700,000 During 2019, the following transactions occurred: Land site number 621 was acquired for $1,000,000. Additionally, to acquire the land, Townsand paid a $60,000 commission to a real estate agent. Costs of $15,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $5,000. A second tract of land (site number 622) with a building was acquired for $300,000. The closing statement indicated that the land value was $200,000 and the building value was $100,000. Shortly after acquisition, the building was demolished at a cost of $30,000. A new building was constructed for $150,000 plus the following costs: Excavation fees $11,000 Architectural design…
- At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 185,000 $ — Land improvements — — Buildings 2,000,000 438,502 Equipment 1,625,000 327,500 Automobiles and trucks 182,000 110,325 Leasehold improvements 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2020. Leasehold improvements—Straight line. Land improvements—Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2024 and other information: On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 35,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a…The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation 0 Land Land improvements Building Equipment Automobiles Plant Asset $ 395,000 193,500 1,590,000 1,248,000 159,000 Transactions during 2021 were as follows: $ 54,000 395,000 450,000 116,500 a. On January 2, 2021, equipment were purchased at a total invoice cost of $305,000, which included a $6,400 charge for freight. Installation costs of $36,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $34,000. The fair value of the building on the day of the donation was $21,400. c. On May 1, 2021, expenditures of $59,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land $309,520 Buildings—Structure 882,660 Leasehold Improvements 704,970 Equipment 844,620 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2. Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees $37,550 Architectural design fees…