Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 15th Gamer Company purchased a property with distinct assets and metal building and a parking lo. Amough Gamer was able to negotiate a

image text in transcribed

On November 15th Gamer Company purchased a property with distinct assets and metal building and a parking lo. Amough Gamer was able to negotiate a better prion, the seller was able to provide the following individual and Values Appraised Value: Land $64,500 Metal Building 129,000 Parking Lot 21,500 $215,000 Additionally, a property had previously housed a landscaping company and accordingly contained a greenhouse. The greenhouse is of no use to Games a software company such Game plans to demolish it. Gamer plans to build a new office building but will keep the exsting metal building for storage and the existing parking lot for overflow. At the Now 15th closing Game paid $20.000 the final combined purchase price Cash paid at November 15 closing Negotiated purchase price for all assets $185,000 Real estate commission related to entire purchase 15,000 Legal fees related to entire purchase 3.000 $203,000 Gamer's construction team got right to work incurring the following code Cash paid within 30 days after closing Expenses to remove old greenhouse $4,000 Salvage & resale of materials from greenhouse (1,500) Expenses of clearing trees from the land 6,500 Metal Building repair 3,200 Total $12,200 Cash paid within 31-120 days after closing Cost to build new building Cost to resurface existing parking lot $325,000 6,200 Total $331,200 The repair of 53.200 was the out-of-pocket continued by Gamer Company to Sox damage caused when an employee sccidentally backed a company vehicle into the north comer of the metal building Consider the above information and determine the value Gamer will report as Land on the company's balance sheet O A $78,700 $73,900 OG $76,100 OD 09.900 OE None of the answer choices provided are correct On November 15th Gamer Company purchased a property with distinct assets and metal building and a parking lo. Amough Gamer was able to negotiate a better prion, the seller was able to provide the following individual and Values Appraised Value: Land $64,500 Metal Building 129,000 Parking Lot 21,500 $215,000 Additionally, a property had previously housed a landscaping company and accordingly contained a greenhouse. The greenhouse is of no use to Games a software company such Game plans to demolish it. Gamer plans to build a new office building but will keep the exsting metal building for storage and the existing parking lot for overflow. At the Now 15th closing Game paid $20.000 the final combined purchase price Cash paid at November 15 closing Negotiated purchase price for all assets $185,000 Real estate commission related to entire purchase 15,000 Legal fees related to entire purchase 3.000 $203,000 Gamer's construction team got right to work incurring the following code Cash paid within 30 days after closing Expenses to remove old greenhouse $4,000 Salvage & resale of materials from greenhouse (1,500) Expenses of clearing trees from the land 6,500 Metal Building repair 3,200 Total $12,200 Cash paid within 31-120 days after closing Cost to build new building Cost to resurface existing parking lot $325,000 6,200 Total $331,200 The repair of 53.200 was the out-of-pocket continued by Gamer Company to Sox damage caused when an employee sccidentally backed a company vehicle into the north comer of the metal building Consider the above information and determine the value Gamer will report as Land on the company's balance sheet O A $78,700 $73,900 OG $76,100 OD 09.900 OE None of the answer choices provided are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investing Amid Low Expected Returns Making The Most When Markets Offer The Least

Authors: Antti Ilmanen

1st Edition

1119860199, 978-1119860198

More Books

Students also viewed these Accounting questions

Question

understand the meaning of externalities

Answered: 1 week ago

Question

What is Nutriens approach to handling personal information?

Answered: 1 week ago