Homework: THE BALANCE SHEET AND STATEMENT OF CASH core: 0.37 of 1 pt 5 of 12 (3 complete) HW Score: 6.88%, 0.83 E6-30A (similar to) Question Help High Power Electricity Company purchased land for $126,000 cash and a building for $504,000 cash. The company paid attorney fees of $26,000 associated w purchase and allocated that cost to the building and the land based on the purchase price. Redesign costs on the building were $51,000 Use the accounting equation to record the purchase of the property, including all related expenditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year. Requirements Use the accounting equation to record the purchase of the property, including all related expenditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year Start by determining the formula and calculating the total cost of both assets. (Do not leave any cells blank. Enter a zero if necessary.) Cost of asset Attorney fees Redesign costs = Total cost of asset Buildings 504,000 20,800 + $ 51,000 = $ 575,800 Land $ 126,000 5,200 0 $ 131,200 Complete the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases. Use the necessary input lines) Shareholders' Equity Assets Contributed Capital + Retained Earnings $ Account $ Account $ Account $ Account Liabilities + Choose from any list or enter any number in the input fields and then click Check Answer 3 parts remaining Clear All Check Answer Homework: THE BALANCE SHEET AND STATEMENT OF CASH core: 0.37 of 1 pt 5 of 12 (3 complete) HW Score: 6.88%, 0.83 E6-30A (similar to) Question Help High Power Electricity Company purchased land for $126,000 cash and a building for $504,000 cash. The company paid attorney fees of $26,000 associated w purchase and allocated that cost to the building and the land based on the purchase price. Redesign costs on the building were $51,000 Use the accounting equation to record the purchase of the property, including all related expenditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year. Requirements Use the accounting equation to record the purchase of the property, including all related expenditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year Start by determining the formula and calculating the total cost of both assets. (Do not leave any cells blank. Enter a zero if necessary.) Cost of asset Attorney fees Redesign costs = Total cost of asset Buildings 504,000 20,800 + $ 51,000 = $ 575,800 Land $ 126,000 5,200 0 $ 131,200 Complete the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases. Use the necessary input lines) Shareholders' Equity Assets Contributed Capital + Retained Earnings $ Account $ Account $ Account $ Account Liabilities + Choose from any list or enter any number in the input fields and then click Check Answer 3 parts remaining Clear All Check
