Lavallee Furniture purchased land, paying $75.000 cash and signing a $340,000 note payable. In addition, Lavallee paid delinquent property tax of $2,000, title insurance costing $4,500, and $3,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $48,000 for a fence around the property, $16,000 for a sign near the entrance, and $6,000 for special lighting of the grounds. Read the requirements Requirement 1. Determine the cost of the land, land improvements, and building. O Requirements The cost of the land is 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Lavallee depreciate? Print Done

Lavallee Furniture purchased land, paying $75.000 cash and signing a $340,000 note payable. In addition, Lavallee paid delinquent property tax of $2,000, title insurance costing $4,500, and $3,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $48,000 for a fence around the property, $16,000 for a sign near the entrance, and $6,000 for special lighting of the grounds. Read the requirements Requirement 1. Determine the cost of the land, land improvements, and building. O Requirements The cost of the land is 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Lavallee depreciate? Print Done

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7PB: Tree Lovers Inc. purchased 2,500 acres of woodland in which it intends to harvest the complete...

See similar textbooks

Similar questions

Tree Lovers Inc. purchased 2,500 acres of woodland in which it intends to harvest the complete forest, leaving the land barren and worthless. Tree Lovers paid $5,000,000 for the land. Tree Lovers will sell the lumber as it is harvested and it expects to deplete it over ten years (150 acres in year one, 300 acres in year two, 250 acres in year three, 150 acres in year four, and 100 acres in year five). Calculate the depletion expense for the next five years and create the journal entry for year one.
Murphy Furniture purchased land, paying $60,000 cash and signing a $290,000 note payable. In addition, Murphy paid delinquent property tax of $4,000, title insurance costing $5,000, and $7,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $350,000. It also paid $46,000 for a fence around the property, $15,000 for a sign near the entrance, and $9,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is
Milloy Furniture purchased land, paying $85,000 cash and signing a $310,000 note payable. In addition, Milloy paid delinquent property tax of $5,000, title insurance costing $1,500, and $7,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $600,000. It also paid $55,000 for a fence around the property, $19,000 for a sign near the entrance, and $4,000 for special lighting of the grounds. Read the requirements Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is The total cost of the land improvements is The cost of the building is O Time Course Chat GB V 19:04 DELL Composition Book 80 sheets 9 3/4 in x 7 1/2 in 247 mm x 190 mm Manufactured for Staples, Inc. 500 staples 1702 USA Framinde in Brazil O2019 Stuples Inc, and is uffilaige COLLEGE BULED
Ayer Furniture purchased land, paying $85,000 cash and signing a $300,000 note payable. In addition, Ayer paid delinquent property tax of $3,000, title insurance costing $6,000, and $5,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $600,000. It also paid $53,000 for a fence around the property, $13,000 for a sign near the entrance, and $10,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is Requirements 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Ayer depreciate? Print Done I X
Belvidere Furniture purchased land, paying $95,000 cash and signing a $280,000 note payable. In addition, Belvidere paid delinquent property tax of $5,000, title insurance costing $1,500, and $8,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $51,000 for a fence around the property, $13,000 for a sign near the entrance, and $3,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is $ 389,500 The total cost of the land improvements is The cost of the building is $ 67,000
Rossy Investigations purchased land, paying $97,000 cash plus a $250,000 note payable. In Addition, Rossy Investigations paid delinquent property tax of $2,000, title insurance costing $1,000, and $5,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $440,000. It also paid $56,000 for a fence around the property, $18,000 for a sign near the entrance, and $8,000 for special lighting on the grounds. Determine the cost of the land, land improvements, and building. Land Land Improvements Building Account Purchase price Note payable Property tax Title insurance Remove building Construct building Fence Sign Lighting Totals Submit All Parts
Rossy Investigations purchased land, paying $94,000 cash plus a $230,000 note payable. In Addition, Rossy Investigations paid delinquent property tax of $4,000, title insurance costing $5,000, and $4,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $440,000. It also paid $52,000 for a fence around the property, $19,000 for a sign near the entrance, and $5,000 for special lighting on the grounds. Determine the cost of the land, land improvements, and building. Account Land Land Improvements Purchase price Note payable Property tax Title insurance Remove building Construct building Fence Sign Lighting Totals Building
K- Belvidere Furniture purchased land, paying $95,000 cash and signing a $280,000 note payable. In addition, Belvidere paid delinquent property tax of $5,000, title insurance costing $1,500, and $8,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $400,000. It also paid $51,000 for a fence around the property, $13,000 for a sign near the entrance, and $3,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is $ 389,500 The total cost of the land improvements is Requirements 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Belvidere depreciate? Print Done - X
Murphy Self Storage purchased land, paying $160,000 cash as a down payment and signing a $185,000 note payable for the balance. Murphy also had to pay delinquent property tax of $2,000, title insurance costing $6,000, and $11,000 to level the land and remove an unwanted building. The company paid $58,000 to add soil for the foundation and then constructed an office building at a cost of $700,000. It also paid $52,000 for a fence around the property, $11,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds. Read the requirement. The cost of the land is The cost of the land improvements is The cost of the building is Requirement 1. What is the capitalized cost of each of Murphy's land, land improvements, and building? Print Done - X
Ayer Industries, Inc., purchased land, paying $95,000 cash as a down payment and signing a $170,000 note payable for the balance. In addition, Ayer Industries, Inc., paid delinquent property tax of $2,200, title insurance costing $5,000, and a $5,600 charge for leveling the land and removing an unwanted building. The company constructed an office building on the land at a cost of $800,000. It also paid $54,000 for a fence around the property, $6,000 for the company sign near the entrance, and $8,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the company's land, land improvements, and building. The cost of the land is S rchased land, paying $95,000 cash as a down payment and signing a $170,000 note payable for the balance. In add tax of $2,200. title insurance costing $5.000, and a $5.600 charge for leveling the land and removing an unwanted t ilding d pany ghting - X Requirements Requirements hine the $ 1. Determine the cost of the…
Brady Self Storage purchased land, paying $175,000 cash as a down payment and signing a $160,000 note payable for the balance. Brady also had to pay delinquent property tax of $1,000, title insurance costing $2,500, and $9,000 to level the land and remove an unwanted building. The company paid $51,000 to add soil for the foundation and then constructed an office building at a cost of $650,000. It also paid $55,000 for a fence around the property, $18,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds.
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $42,000 in cash and giving a short-term note for $312,000. Legal fees paid were $1,410, delinquent taxes assumed were $10,300, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,076,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. X $ Feedback ▼ Check My Work Costs incurred to ready the asset for use are added to the asset account. Materials salvaged and sold during the process reduce the cost of the land.