Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thanks for the help please complete all parts... requirements.. just one long problem. Meh. Lancey Supply, Inc., opened an office in Ypsilanti, Michigan. Lancey incurred
Thanks for the help please complete all parts... requirements.. just one long problem. Meh.
Lancey Supply, Inc., opened an office in Ypsilanti, Michigan. Lancey 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 50 years, land improvements over 20 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 a box is not used in the table leave the box 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 Garage Item Land Improvements Building Building Furniture a b. d. 1 9. h Data Table Requirements 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. 2. All construction was complete and the assets were placed in service on April 2. Record depreciation for the year ended December 31. Round to the nearest dollar. 3. Why would a manager need to understand the concepts covered in this problem? $ 340,000 8,700 31,500 1,000 5,100 1,700 500 Print Done a. Purchase price of land, including an old building that will be used for a garage land market value is $310,000, building market value is $90,000) b. Grading leveling) land C. Fence around the land d. Attorney fee for title search on the land e. Delinquent real estate taxes on the land to be paid by Lancey Supply 1. Company signs at entrance to the property. 9 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 i 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 n. Lights for the parking lot and walkways Salary of construction supervisor (81% to sales building: 11% 31,480 510,000 40,140 9,000 6,200 52,400 7,900 0. Print Done 7 Parts Clear All Check Answer remaining Salary of construction supervisor (81% to sales building: 11% to land improvements, and 8% to garage building renovations) p. Office furniture for the sales building 4. Transportation and installation of furniture 42,000 79,800 2,600Step 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