Bonner company paid $855,000 for a tract of land which included a warehouse and office building....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bonner company paid $855,000 for a tract of land which included a warehouse and office building. The land, warehouse and office building originally cost $280,000, $180,000, and $340,000 respectively and the current assessed values are $300,000, $200,000, and $400,000 respectively. How should Bonner calculate what value to record for Land? 300,000 / 800,000 x 855,000 280,000/900,000 x 855,000 280,000 / 800,000 x 855,000 300,000 /900,000 x 855,000 Bonner company paid $855,000 for a tract of land which included a warehouse and office building. The land, warehouse and office building originally cost $280,000, $180,000, and $340,000 respectively and the current assessed values are $300,000, $200,000, and $400,000 respectively. How should Bonner calculate what value to record for Land? 300,000 / 800,000 x 855,000 280,000/900,000 x 855,000 280,000 / 800,000 x 855,000 300,000 /900,000 x 855,000
Expert Answer:
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
Posted Date:
Students also viewed these accounting questions
-
A lumber company purchased a tract of land for $70,000 that contained an estimated 25,000 usable trees. The value of the land was estimated at $20,000. In the first year of operation, the lumber...
-
A tract of land valued at $50,000 has been given to a corporation on July 31, 2016 in exchange for 1,000 preferred shares. Required: 1. Prepare the journal entry to record the transaction. 2. Where...
-
A real estate speculator purchases a tract of land for $1 million and assumes a 25-year mortgage at 4.2% interest compounded monthly. (a) What is his monthly payment? (b) Suppose that at the end of 5...
-
In a two-player, one-shot simultaneous-move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy B,...
-
Construct a 95% prediction interval for the number of hours of sleep for an adult in Exercise 11 who is 45 years old. Construct the indicated prediction interval and interpret the results. In...
-
Look at Figure 23.8, which shows the possible future payoffs in June 2016 from a particular package of investments in Alphabet options. Incidentally, this package of investments is called a...
-
Compute the mean, median, and mode for the following three sets of scores. Do it by hand or using Excel. Show your work, and if you are using Excel, print out a copy of the output. Score 1 Score 2...
-
Refer to Exhibit 8-14 regarding Greyson Technology??s launch of a new digital communications device. Suppose that Greyson reduced the quarterly spending on product development in panel A, which...
-
what ways do employee perceptions of organizational justice, encompassing distributive, procedural, and interactional fairness, influence their level of commitment to the organization's goals and...
-
The following relate to auditors independence: a. Why is independence so essential for auditors? b. Compare the importance of independence of CPAs with that of other professionals, such as attorneys....
-
The Charter Company's total assets are equal to $700,000 and its equity is $420,000. What is the amount of your debts? B. Martin Marine's total assets are equal to $500,000 and its liabilities and...
-
On December 3 1 , 2 0 2 2 , Tamarisk Inc. owns a machine with a carrying amount of $ 7 4 4 , 0 0 0 . The original cost and accumulated depreciation for the machine on this date are as follows:...
-
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,700 units and transferred them to...
-
Ratio Analysis The following balances were reported in the financial statements for Nafooz Com Current Year Prior Year Net Sales $840,000 $740,000 Net Income 120,000 105,000 Current Assets 240,000...
-
Manufacturing Activity Materials handling Machinery Assembly Inspection Cost Driver Driver Rate Number of parts $ 0.40 Number of machine hours 49.00 Number of parts Number of finished units 2.75...
-
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Current Year 1 Year Ago 2 Years Ago $ 28,744 85,835 $ 33,600 59,393 $ 33,627 Accounts receivable, net Merchandise inventory...
-
How might cultural or regional differences affect the perception of and approach to combating organ trafficking? How can proposals be tailored to address these diverse perspectives while maintaining...
-
Recall that Chapter 8 described the binary search algorithm for finding a particular entry in an ordered list. The idea behind binary search is to begin looking in the exact center of the list. If...
-
What is the median of a list of numbers? The first quartile? The third quartile? The inter quartile range? The five-number summary?
-
Suppose that the number of labor-hours that are available each day is increased by 54. Use sensitivity analysis to determine the effect on the optimal number of knives produced and on the profit. The...
-
1. Ms. Jones deposited $100 at the end of each month for 10 years into a savings account paying 2.1% interest compounded monthly. However, she deposited an additional $1000 at the end of the seventh...
-
Estimate the fundamental frequency of the shaft shown in Fig. 7.3, using Dunkerley's formula for the following data: \(m_{1}=m, m_{2}=2 m, m_{3}=3 m, l_{1}=l_{2}=l_{3}=l_{4}=l / 4\). Figure 7.3:- m...
-
Dunkerley's formula is given by a. \(\omega_{1}^{2} \approx a_{11} m_{1}+a_{22} m_{2}+\cdots+a_{n n} m_{n}\) b. \(\frac{1}{\omega_{1}^{2}} \approx a_{11} m_{1}+a_{22} m_{2}+\cdots+a_{n n} m_{n}\) c....
-
The natural frequency of vibration, in bending, of the wing of a military aircraft is found to be \(20 \mathrm{~Hz}\). Find the new frequency of bending vibration of the wing when a weapon of mass...
Study smarter with the SolutionInn App