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h a. $ 340,000 8,800 c. 31,900 1,000 5,900 Purchase price of land, including an old building that will be used for a garage (land
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a. $ 340,000 8,800 c. 31,900 1,000 5,900 Purchase price of land, including an old building that will be used for a garage (land market value is $330,000; building market value is $70,000) b. Grading (leveling) land Fence around the land d. Attorney fee for title search on the land e. Delinquent real estate taxes on the land to be paid by Security f. Company signs at entrance to the property g. Building permit for the sales building h. Architect fee for the design of the sales building i. Masonry, carpentry, and roofing of the sales building 1. Renovation of the garage building k. Interest cost on construction loan for sales building I. Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property 2,000 100 57,140 512,000 54,060 9,000 6.700 52,800 bars, Book Store, Inc., opened an office in Maplewood, Minnesota Book Store incurred the following costs in acquiring . Item Land Improvements Building Furniture Building $ 76,500 a. $ 263,500 8,800 and, b C. throu and u 31,900 d. 500 e 5,700 f. 2,000 9 100 h 54,920 517,000 1. 34,180 k. 9,100 1. m 6,900 52,700 7,200 4,800 n. 0 38,880 4,320 AAAA 0 years, Book Store, Inc., opened an office in Maplewood, Minnesota. Book Store incurred the following costs in acquiring 500 d e. 5,700 2,000 nt (Land, msj throu %), and u 9 100 h 54,920 517,000 i. 1 34,180 Ents k 9,100 6,900 52,700 m. n. 7,200 o 4,800 38,880 4,320 $ p 79,000 1,000 80,000 9 $ 278,500 $ 105,500 $ 620,000 $ 115,000 $ Totals Requirement 2. All construction was complete and the assets were placed in service on April 2. Record dontociation for the vear onded December 31 Round to the nearest dollar 1,000 5,900 f. 2,000 i d. Attorney fee for title search on the land e. Delinquent real estate taxes on the land to be paid by Security Company signs at entrance to the property 9. Building permit for the sales building h. Architect fee for the design of the sales building Masonry, carpentry, and roofing of the sales building ) Renovation of the garage building k. Interest cost on construction loan for sales building Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property n. Lights for the parking lot and walkways o. Salary of construction supervisor (87% to sales building: 10% to land improvements, and 3% to garage building renovations) Office furniture for the sales building 9. Transportation and installation of furniture 100 57,140 512,000 54,060 9,000 6,700 52,800 7,300 1. p. 48,000 79,900 4,100 a. $ 340,000 8,800 c. 31,900 1,000 5,900 Purchase price of land, including an old building that will be used for a garage (land market value is $330,000; building market value is $70,000) b. Grading (leveling) land Fence around the land d. Attorney fee for title search on the land e. Delinquent real estate taxes on the land to be paid by Security f. Company signs at entrance to the property g. Building permit for the sales building h. Architect fee for the design of the sales building i. Masonry, carpentry, and roofing of the sales building 1. Renovation of the garage building k. Interest cost on construction loan for sales building I. Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property 2,000 100 57,140 512,000 54,060 9,000 6.700 52,800 bars, Book Store, Inc., opened an office in Maplewood, Minnesota Book Store incurred the following costs in acquiring . Item Land Improvements Building Furniture Building $ 76,500 a. $ 263,500 8,800 and, b C. throu and u 31,900 d. 500 e 5,700 f. 2,000 9 100 h 54,920 517,000 1. 34,180 k. 9,100 1. m 6,900 52,700 7,200 4,800 n. 0 38,880 4,320 AAAA 0 years, Book Store, Inc., opened an office in Maplewood, Minnesota. Book Store incurred the following costs in acquiring 500 d e. 5,700 2,000 nt (Land, msj throu %), and u 9 100 h 54,920 517,000 i. 1 34,180 Ents k 9,100 6,900 52,700 m. n. 7,200 o 4,800 38,880 4,320 $ p 79,000 1,000 80,000 9 $ 278,500 $ 105,500 $ 620,000 $ 115,000 $ Totals Requirement 2. All construction was complete and the assets were placed in service on April 2. Record dontociation for the vear onded December 31 Round to the nearest dollar 1,000 5,900 f. 2,000 i d. Attorney fee for title search on the land e. Delinquent real estate taxes on the land to be paid by Security Company signs at entrance to the property 9. Building permit for the sales building h. Architect fee for the design of the sales building Masonry, carpentry, and roofing of the sales building ) Renovation of the garage building k. Interest cost on construction loan for sales building Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property n. Lights for the parking lot and walkways o. Salary of construction supervisor (87% to sales building: 10% to land improvements, and 3% to garage building renovations) Office furniture for the sales building 9. Transportation and installation of furniture 100 57,140 512,000 54,060 9,000 6,700 52,800 7,300 1. p. 48,000 79,900 4,100 Step by Step Solution
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