Unit 3 Assignment 3 - buying land

Calculate appropriate inventory and deprecation entries.

Account for various transactions using industry-standard accounting software.

Account for various transactions using industry-standard accounting software.This assignment will help you better understand what costs should be capitalized with the purchase land.

Unit 3 Assignment 3 - buying land

This assessment addresses the following course objective(s):

Calculate appropriate inventory and deprecation entries.

Account for various transactions using industry-standard accounting software.

Account for various transactions using industry-standard accounting software.This assignment will help you better understand what costs should be capitalized with the purchase land.

Buying Land Beaumont company recently purchased some real estate that contained, land improvements (parking lot) and a building. Beaumont has the property appraised after the purchase. The information is below: Land Purchase 375,927 Land Appraisal Improvement appraisal Building Appraisal 175,000 87,000 210,000 1 Allocate the total cost to the three assets Asset Description Appraisal Values Percent of Totall Appraised Value x total acquisition | cost = allocated cost Land Land improvements Building Totals Credit 1 Prepare the Journal entry to record the purchase Debit Land Land improvements Building Buying Land Beaumont company recently purchased some real estate that contained, land improvements (parking lot) and a building. Beaumont has the property appraised after the purchase. The information is below: Land Purchase 375,927 Land Appraisal Improvement appraisal Building Appraisal 175,000 87,000 210,000 1 Allocate the total cost to the three assets x total Percent of Total Appraisal Values apratisal Asset Description Percent of Total acx totale = allocated cost Appraised Valud acquisition cost Land Land improvements Building Totals Credit 1 Prepare the Journal entry to record the purchase Debit Land Land improvements Building