Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 5 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 7.00

Semtech Manufacturing

Semtech Manufacturing purchased land and building for $8 million. In addition to the purchase price, Semtech made the following expenditures in connection with the purchase of the land and building: 

  Title insurance $ 22,000

  Legal fees for drawing the contract 8,000

  Pro-rated property taxes for the period after acquisition 42,000

  State transfer fees 4,600

An independent appraisal estimated the fair values of the land and building, if purchased separately, at $4 and $1 million, respectively. Shortly after acquisition, Semtech spent $88,000 to construct a parking lot and $46,000 for landscaping.

Required:

1. Determine the initial valuation of each asset Semtech acquired in these transactions. (Enter your answers in whole dollars.)

      -Land

     -Building

     -Land Improvments 

2. Determine the initial valuation of each asset, assuming that immediately after acquisition, Semtech demolished the building. Demolition costs were $310,000 and the salvaged materials were sold for $9,000. In addition, Semtech spent $85,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.)

     -Land

     -Building

     -Land Improvments

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 01:07 PM My Price 7.00

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