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Coffee House, Inc., opened an office in St. Cloud, Minnesota. Coffee House incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building: (Click the icon to view the financial data.) The company depreciates buildings over 30 years, land improvements over 15 years, and furniture over 12 years, all on a straight-line basis with residual values of zero. Read the requirements. Requirement 1. Identify the proper account (Land, Land Improvements, Sales Building, Garage Building, or Furniture) for each of the costs listed in the problem. Calculate the total cost of each asset. Start with items a through i, next, enter items through q, and lastly calculate the totals for each asset category. (If an input field is not used in the table leave the field empty; do not enter a zero. Round percentages to two places when calculating proportions (X.XX%), and use your computed percentages throughout. Round your final answers to the nearest whole dollar.) Land Sales Building Garage Building Item Improvements Furniture Land 26350000 a. b. C. d. e. f. g h. i. The company depreciates buildings over 30 years, land improveme Read the requirements. a. Requirement 1. Identify the proper account (Land, Land Improvem tal cost of each asset. $ 340,000 8,000 31,800 Start with items a through i, next, enter items through q, and lastly proportions (X.XX%), and use your computed percentages through pt enter a zero. Round percentages to two places when calculating Land Sales d. 800 Item Improvements Building e Land 26350000 5,000 1,200 a. b. Purchase price of land, including an old building that will be used for a garage (and market value is $310,000; building market value is $90,000) b. Grading (leveling) land C. Fence around the land Attorney fee for title search on the land Delinquent real estate taxes on the land to be paid by Coffee House f. 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 i. Renovation of the garage building Interest cost on construction loan for sales building Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property Lights for the parking lot and walkways Salary of construction sunervisor (82% to sales huildina: 11% 500 C. 53,580 d. i. 519,000 e. f. k. 35,280 9,200 7,000 g. I. h. 52,100 i. n. 7,600 itbodit field and then lilbaola (Click the icon to view the financial data. The company depreciates buildings over 30 years, land improveme 8,000 Read the requirements. 31,800 800 Requirement 1. Identify the proper account (Land, Land Improvem al cost of each asset. e. 5,000 bt enter a zero. Round percentages to two places when calculating Start with items a through i, next, enter items through q, and lastly proportions (X.XX%), and use your computed percentages through 1,200 500 Land Sales 53,580 Item Land Improvements Building 519,000 a. 26350000 b. Grading (leveling) land C. Fence around the land d. Attorney fee for title search on the land Delinquent real estate taxes on the land to be paid by Coffee House 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 1. Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property Lights for the parking lot and walkways Salary of construction supervisor (82% to sales building; 11% to land improvements; and 7% to garage building renovations) P. Office furniture for the sales building 9. Transportation and installation of furniture 35,280 b 9,200 C. d. 7,000 52,100 e. n. 7,600 f. 0. g. h. 46,000 79,000 i. 1,000 Coffee House, Inc., opened an office in St. Cloud, Minnesota. Coffee House incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building: (Click the icon to view the financial data.) The company depreciates buildings over 30 years, land improvements over 15 years, and furniture over 12 years, all on a straight-line basis with residual values of zero. Read the requirements. Requirement 1. Identify the proper account (Land, Land Improvements, Sales Building, Garage Building, or Furniture) for each of the costs listed in the problem. Calculate the total cost of each asset. Start with items a through i, next, enter items through q, and lastly calculate the totals for each asset category. (If an input field is not used in the table leave the field empty; do not enter a zero. Round percentages to two places when calculating proportions (X.XX%), and use your computed percentages throughout. Round your final answers to the nearest whole dollar.) Land Sales Building Garage Building Item Improvements Furniture Land 26350000 a. b. C. d. e. f. g h. i. The company depreciates buildings over 30 years, land improveme Read the requirements. a. Requirement 1. Identify the proper account (Land, Land Improvem tal cost of each asset. $ 340,000 8,000 31,800 Start with items a through i, next, enter items through q, and lastly proportions (X.XX%), and use your computed percentages through pt enter a zero. Round percentages to two places when calculating Land Sales d. 800 Item Improvements Building e Land 26350000 5,000 1,200 a. b. Purchase price of land, including an old building that will be used for a garage (and market value is $310,000; building market value is $90,000) b. Grading (leveling) land C. Fence around the land Attorney fee for title search on the land Delinquent real estate taxes on the land to be paid by Coffee House f. 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 i. Renovation of the garage building Interest cost on construction loan for sales building Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property Lights for the parking lot and walkways Salary of construction sunervisor (82% to sales huildina: 11% 500 C. 53,580 d. i. 519,000 e. f. k. 35,280 9,200 7,000 g. I. h. 52,100 i. n. 7,600 itbodit field and then lilbaola (Click the icon to view the financial data. The company depreciates buildings over 30 years, land improveme 8,000 Read the requirements. 31,800 800 Requirement 1. Identify the proper account (Land, Land Improvem al cost of each asset. e. 5,000 bt enter a zero. Round percentages to two places when calculating Start with items a through i, next, enter items through q, and lastly proportions (X.XX%), and use your computed percentages through 1,200 500 Land Sales 53,580 Item Land Improvements Building 519,000 a. 26350000 b. Grading (leveling) land C. Fence around the land d. Attorney fee for title search on the land Delinquent real estate taxes on the land to be paid by Coffee House 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 1. Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property Lights for the parking lot and walkways Salary of construction supervisor (82% to sales building; 11% to land improvements; and 7% to garage building renovations) P. Office furniture for the sales building 9. Transportation and installation of furniture 35,280 b 9,200 C. d. 7,000 52,100 e. n. 7,600 f. 0. g. h. 46,000 79,000 i. 1,000
