McCoy's Fish House purchases a tract of land and an existing building for $840,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $1,400. The company also pays $10,800 in property taxes, which includes $7,400 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $3.400 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $42,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $6,000 and pays an additional $11,500 to level the land. Required: Determine the amount McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Total cost of the land Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax $66,000 5,550 Shipment of machine Insurance on the machine for the firat year Installation of machine 910 610 1,820 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the expenditures for the new machine. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Home - myNCC Portal Login - Nassau Community College Saved 7.1 0 Red Rock Bakery purchases land, building, and equipment for a single purchase price of $260,000. However, the estimated fair values of the land, building, and equipment are $126,000, $198,000, and $36,000, respectively, for a total estimated fair value of $360,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the bulding, and the equipment. Amount of Basket Purchase Recorded Amount Allocation Estimated Fair Value Percentage Land Building Equipment Total Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $17.0 million. The fair value of Midwest's assets is $13.1 million. The fair value of Midwest's liabilities is $2.1 million. Calculate the amount paid for goodwill. (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) million Amount paid for goodwill West Coast Growers incurs the following costs during the year related to the creation of a new disease-resistant tomato plant. $530,000 144,000 Salaries for R&D Depreciation on R&D facilities and equipment Utilities incurred for the R&D facilities Patent filing and related legal costs Payment to another company for part of the development work 6,900 26,500 12,800 What amount should West Coast Growers report as research and development (R&D) expense in its income statement? Total research and development expense