FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ABC company pays$195,000 for real estate plus $5000 in closing costs. The real estate consists of land appraised at $75,000 and building appraised at $150,000.

ABC company pays$195,000 for real estate plus $5000 in closing costs. The real estate consists of land appraised at $75,000 and building appraised at $150,000. allocate the total cost for this lump sum purchase when preparing the journal entry. Thank you!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Internal Auditing Appraising Operations And Controls

Modern Internal Auditing Appraising Operations And Controls

Authors: Victor Z. Brink, Herbert N. Witt

4th Edition

0471080977, 978-0471080978

More Books

Students also viewed these Accounting questions

Question

★★★★★
The National Basketball Association (NBA) draft lottery involves the 11 teams that had the worst wonlost records during the year. A total of 66 balls are placed in an urn. Each of these balls is...

Answered: 1 week ago

Question

★★★★★
please solve this cost analysis problem 4. (7 points) Given the lot data shown in table 1 complete table 2 and determine the unit theory learning curve. Assume an 85% learning curve to begin the...

Answered: 1 week ago

Question

★★★★★
2. The following passage is an advertisement for a translation service. Revise the passage to make it more appropriate for a multicultural audience. Submit the revision to your instructor.

Answered: 1 week ago

Question

★★★★★
Dylan Horn is the president, founder, and majority owner of Wesley Medical Corporation, an emerging medical technology products company. Wesley is in dire need of additional capital to keep operating...

Answered: 1 week ago

Question

★★★★★
ABC company pays$195,000 for real estate plus $5000 in closing costs. The real estate consists of land appraised at $75,000 and building appraised at $150,000. allocate the total cost for this lump...

Answered: 1 week ago

Question

★★★★★
Allison s Dresswear Manufacturers is preparing a strategy for the fall season. One alternative is to expand its traditional ensemble of wool sweaters. A second option would be to enter the cashmere...

Answered: 1 week ago

Question

★★★★★
What is the overhead application rate per direct labor hour? * (1 Point) BREAD Co. uses a job order costing system. At the beginning of January, the company had 2 jobs in process with the following...

Answered: 1 week ago

Question

★★★★★
Feedback Print A 5 nC charge is located at the origin. What are the electric fields at the positions A = (10 cm, 0 cm), B = (-10 cm, 10 cm), and C = (-10 cm, -10 cm)? Write each electric field vector...

Answered: 1 week ago

Question

★★★★★
A History Achievement Test out of 80 points is administered to a Grade 10 class of 30 students. Their scores are randomly listed below. 78 46 61 49 58 61 64 58 55 80 40 52 78 55 63 55 49 59 64 58 53...

Answered: 1 week ago

Question

★★★★★
Compute the Adjusted R-Squared value for Model 1. Discuss why Adjusted R-squared and the R-squared values are different. Model 1 Let's consider the following R output for a regression model which we...

Answered: 1 week ago

Question

★★★★★
You are the IT administrator for a small corporate network. The company has a single Active Directory domain named CorpNet.local. You need to increase the domain's authentication security. You need...

Answered: 1 week ago

Question

★★★★★
2. You organized a study group to prepare for your history final exam and invited a handful of other hardworking students from class. Another classmate, Scott, shows up. Scott is rarely prepared for...

Answered: 1 week ago

Question

★★★★★
Was the beach cleaner at the end of the day as a result of the groups efforts? Before-and-after photos of the beach reveal a very successful cleanup.

Answered: 1 week ago

Question

★★★★★
3. Managing a local, casual restaurant has its ups and downs, and today is one of the downs. Customers have been complaining that the waiters and waitresses have not been friendly, so youve decided...

Answered: 1 week ago

Previous Question Next Question