Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hi, i am having a hard time solving this problem 9.1B from the book Fundamental Accoutning Principles Volume 1. please help me solve it thank
hi, i am having a hard time solving this problem 9.1B from the book Fundamental Accoutning Principles Volume 1. please help me solve it thank you:)
CHAPTER 9 Property, Plant, and Equipment and Intangibles ALTERNATE PROBLEMS Problem 9-1B Real estate costs L01 CHECK FIGURE: 2. Dr. Land $423,600 In 2020, DelCano Properties paid $540,000 for a tract of land on which two buildings were located. The plan was to demolish Building A and build a new factory (Building C) in its place. Building B was to be used as a company office and was appraised at a value of $189,108. A lighted parking lot near Building B had improve ments valued at $50,058. Without considering the buildings or improvements, the tract of land was estimated to have a value of $317,034. The company incurred the following additional costs: Cost to demolish Building A. Cost to landscape new building site... Cost to construct new building Building C... Cost of new land improvements and improvements C). $ 46,800 69.000 542,400 40,500 Required 1. Prepare a schedule having the following column headings: Land, Building B, Building C, Land Improve- ments B, and Land Improvements C. Allocate the costs incurred by the company to the appropriate columns and total each column. 2. Prepare a single journal entry dated June 1 to record all the incurred costs, assuming they were paid in cash on that date Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started