How much should be debited to the building account

Assignment Help Accounting Basics
Reference no: EM131908485

Question - Parker Inc. purchased property that included both land and a building for $665,000. The appraisal estimated the fair market value of the land to be $225,000 and the building to be $550,000 for a total FMV of both of $775,000. When recording the acquisition of the property how much should be debited to the building account? (Note: When performing the calculations round the % of FMV to the nearest whole percent. For example, 0.4532 would be 45% when rounded to the nearest whole percent.)

Reference no: EM131908485

Questions Cloud

How much new debt needs to be issued to realize defeasance : The interest rate on these bonds is 8%. How much new debt needs to be issued to realize defeasance of the present issue
Company marginal tax rate : What is the initial outlay if the company's marginal tax rate is 39%?
What is the target selling price per unit : Bond Co. is using target cost approach on a new product. Information gathered so far reveals: What is the target selling price per unit
What is boris unleveraged beta : It has a leveraged beta of 1.3 and is subject to a 0.5 corporate tax rate. What is Boris's unleveraged beta?
How much should be debited to the building account : When recording the acquisition of the property how much should be debited to the building account
Report for connecting to branches of hospital using wan : You need to do project report for the connecting to branches of the hospital using WAN network - Data flow diagrams Entity Relationship Diagram Model
Contrast centralized and decentralized ways of making laws : Central planning was the method used in the communist system for making commodities. It failed because the planners lacked the information and motivation.
Explain difference between job costing and product costing : Differentiate how the types of inventory affect calculations. Explain the difference between job costing and product costing
What other note disclosures are made regarding fixed assets : Look at the city of grand rapids CARF, ended juce 2016 and answer the following question: What other note disclosures are made regarding fixed assets?

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