Miss Natalia

(14)

$20/per page/Negotiable

About Miss Natalia

Levels Tought:
Elementary,High School,College,University

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Calculus,Computer Science,Environmental science,Health & Medical Hide all
Teaching Since: Apr 2017
Last Sign in: 362 Weeks Ago, 5 Days Ago
Questions Answered: 6064
Tutorials Posted: 6070

Education

  • Doctor of Education in Educational Leadership with a Specialization in Educational Technology
    Phoniex University
    Oct-1999 - Nov-2005

Experience

  • HR Executive
    a21, Inc.
    Nov-1998 - Dec-2005

Category > Accounting Posted 16 May 2017 My Price 5.00

What cost should Sam assign to the land, buildings, and equipment, respectively?

I need a paper of 1-2 pages of original writing. Complete calculations included. The assignment is below:

 

Students will calculate the cost that should be assigned to land, buildings, and equipment and provide the journal entry to record the acquisition of these assets.

Sam's Corporation paid $550,000 to acquire land, building, and equipment. At the time of the acquisition, Sam paid $50,000 to have the property appraised. The following values were determined from the appraisal:

Land

180,000

Building

285,000

Equipment

175,000

Respond to the following questions:

  • What cost should Sam assign to the land, buildings, and equipment, respectively?
  • How should the journal entry be recorded on the corporation’s books to describe this acquisition?
  • Why is it necessary to allocate a lump sum purchase amount among the individual assets acquired?
  • What are the characteristics that an asset must have for it to be classified as property, plant, and equipment?
  • Generally accepted accounting principles (GAAP) requires that property, plant, and equipment should be recorded at historical cost. What are the advantages of recording property, plant, and equipment at historical cost?

Answers

Miss Natalia
(14)
Status NEW Posted 16 May 2017 05:05 AM My Price 5.00

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