Compute the value of land buildings and land improvements

Assignment Help Accounting Basics
Reference no: EM131871877

Problem - Capitalization of Fixed Assets

Seiler Co. purchased land as a factory site for $600,000. Seiler paid $60,000 to tear down two buildings on the land. Salvage was sold for $5,400. Legal fees of $3,480 were paid for title investigation and making the purchase. Architect's fees were $31,200. Title insurance cost $2,400 and liability insurance during construction cost $2,600. Payment of the prior owner's real estate taxes, which represented a lien, a mounted to $22,850. Excavation cost $10,440. The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000. Parking lots and driveways were put place, at a value of $6,700.

Compute the value of land, buildings, and land improvements.

 

Reference no: EM131871877

Questions Cloud

Develop a role-play for a commitment hearing : Develop a role-play for a commitment hearing that illustrates the consequences of not following the selection process.
Support current guidelines for the diagnosis : Provide one evidence-based article to support current guidelines for the diagnosis you choose
Prepare the journal entry to record the issuance of stock : Prepare the journal entry to record the issuance of the stock. For a compound transaction, if an amount box does not require an entry, leave it blank
Medicine in an outpatient oncology center : An integrative approach to addressing clinical issues in complementary and alternative medicine in an Outpatient Oncology Center.
Compute the value of land buildings and land improvements : Parking lots and driveways were put place, at a value of $6,700. Compute the value of land, buildings, and land improvements
Creatures great and small : When we think of large animals, elephants come to mind. Considerably larger, however, are the whales. The orca, for example, weighs some 8 tons
Describe other person reacted in any way to perception check : Describe the other person reacted in any way to this perception check and of course whether or not your perceptions were accurate.
Describe the two major types of ligaments : 1. Describe the two major types of ligaments, collateral and cruciate, in the knee, and explain the function(s) of each.
Postsynaptic neurons were inhibited or stimulated : What types of problems might occur if it was not possible to control whether postsynaptic neurons were inhibited or stimulated?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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