On 3/31 Year 6 ECU Corporation makes a lump-sum acquisition of LAND/ and a BUILDING/ for...

 

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On 3/31 Year 6 ECU Corporation makes a lump-sum acquisition of LAND/ and a BUILDING/ for $12,000 CASH. [The LAND is appraised at $6,000 and the BUILDING is appraised at $9,000, a total of $15,000.] Supporting calculation: Assets LAND: BUILDING: Phrase 1st: 2nd: 3rd: Date Ratio of Individual Appraised Values ($6,000/$15,000) ($9,000/$15,000) Account Lump-sum Cost XS XS Accounts Allocation of Lump-sum Cost $ 12,000 assigned to LAND. assigned to BUILDING. lump-sum cost. Category AL SER E contra AL SER E AL SER E contra Affect Debit + contra + + - - Dr. or Cr. Dr Cr Dr Cr Dr Cr Credit On 3/31 Year 6 ECU Corporation makes a lump-sum acquisition of LAND/ and a BUILDING/ for $12,000 CASH. [The LAND is appraised at $6,000 and the BUILDING is appraised at $9,000, a total of $15,000.] Supporting calculation: Assets LAND: BUILDING: Phrase 1st: 2nd: 3rd: Date Ratio of Individual Appraised Values ($6,000/$15,000) ($9,000/$15,000) Account Lump-sum Cost XS XS Accounts Allocation of Lump-sum Cost $ 12,000 assigned to LAND. assigned to BUILDING. lump-sum cost. Category AL SER E contra AL SER E AL SER E contra Affect Debit + contra + + - - Dr. or Cr. Dr Cr Dr Cr Dr Cr Credit

Answer rating: 100% (QA)

Asset Land Building Phrase Ist 2nd 3rd Ratio of Individual Appraised Va... View the full answer