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E10-17 Determining the cost of assets Learning Objective 1 1. Land $365,000 Lavallee Furniture purchased land, paying 895,000 cash plus a $260,000 note payable. In addition, Lavallee paid delinquent property tax of $3,000, title insurance costing $2,000, and $5.000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $450,000. It also paid $55,000 for a fence around the property, $16,000 for a sign near the entrance, and 7,000 for special lighting of the grounds. Requirements 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Lavallee depreciate? E10-18 Making a lump-sum purchase of assets Learning Objective Lot 3 S108,750 Dearwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Dearwood paid $435,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout E10-19 Distinguishing capital expenditures from revenue expenditures Learning Objective 1 Consider the following expenditures: Oding machinery good working emain Michemy Mode Stopur Tampione while my were ning of the machine Classify cach of the expenditures as a capital expenditure or a revenue expenditure related to machinery. E10-17 Determining the cost of assets Learning Objective 1 1. Land $365,000 Lavallee Furniture purchased land, paying 895,000 cash plus a $260,000 note payable. In addition, Lavallee paid delinquent property tax of $3,000, title insurance costing $2,000, and $5.000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $450,000. It also paid $55,000 for a fence around the property, $16,000 for a sign near the entrance, and 7,000 for special lighting of the grounds. Requirements 1. Determine the cost of the land, land improvements, and building. 2. Which of these assets will Lavallee depreciate? E10-18 Making a lump-sum purchase of assets Learning Objective Lot 3 S108,750 Dearwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Dearwood paid $435,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout E10-19 Distinguishing capital expenditures from revenue expenditures Learning Objective 1 Consider the following expenditures: Oding machinery good working emain Michemy Mode Stopur Tampione while my were ning of the machine Classify cach of the expenditures as a capital expenditure or a revenue expenditure related to machinery