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san4es73 [151]
3 years ago
8

Castille Corp. purchases, for $600,000, land upon which a building and a dilapidated shed are situated. Castille plans to use th

e building as-is for operations but immediately razes the shed at a cost of $5,000 minus scrap recovery of $1,000. A recent tax appraisal of the property allocated $100,000 to the land and $400,000 to the building. In the entry to record the acquisition of the property,
at what amount will Castille debit Land?
a. $124,000
b. $120,800
c. $120,000
d. $100,000
Business
1 answer:
Alchen [17]3 years ago
5 0

Answer:

b. $120,800.00

Explanation:

Cost of the land $ 600,000/-

Associated expenses:

Razing down the shed: $ 5000

income from scrap: $ 1000

Total expenses $ 4000

The total cost of land =600,000+4000= $ 604,000

Tax allocation: land and building $ 500,000

land allocation will be: 100,000/500,000 x$ 604,000

     =0.2x604,000

     =$120,800.00

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Answer:

<u><em>there are two performance: </em></u>

the sales revenue and the insurance.

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    unearned revenues   165,000 credit

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unearned revenues  165,000 debit

    sales revenues                    151,000 credit

    insurance liability                  9,900  credit

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insurance liability   9,900 debit

      insurance fees earned       9,900 credit

--to record reception of bank from Brink/end of the insurance--

Explanation:

sales revenue

100 x 1,410 = 141,000 = 94%

insurance:

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   total         150,000

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insurance fee earned: 165,000 x 6% =      9,900

7 0
3 years ago
Buzz Lightyear has been offered an investment in which he expects to receive payments of $4,000 at the end of each of the next 1
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Answer:

IRR= 21.86%

Explanation:

Giving the following information:

Initial investment (PV)= $10,000

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Number or years (n)= 4

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3 years ago
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Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a p
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Answer:

$34,000

Explanation:

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