1- The following information is taken from the annual report of Coca-Cola Enterprises, Inc.:

(amounts in millions)	Year 2	Year 1
Net revenue	$18,706	$18,158
Cost of goods sold	11,185	10,771
Inventories	786	763
Accounts payable	2,639	2,708

Using this information, calculate the accounts payable turnover ratio and the days payable period for Year 1 and Year 2.

Do not round until your final answer. Round all answers to nearest one decimal place.

	Year 2	Year 1
Accounts payable turnover
Days' payable period

2- Determining the Cost of an Asset Omar Corporation paid $300,000 for a tract of land that had an old gas station on it. The gas station was demolished at a cost of $20,000 and a new warehouse was constructed on the site at a cost of $550,000.

In addition, several other costs were incurred:

Legal fees (associated with the purchase of the land)	$45,000
Architect fees (associated with the new warehouse)	$50,000
Interest on the construction loan (for the new warehouse)	$24,000

(a) What value should be assigned to the tract of land?

$Answer

(b) What value should be assigned to the new warehouse?

$Answer