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3 years ago

Land was acquired in 2018 for a future building site at a cost of $40,000.

Business

1 answer:

maw [93]3 years ago

3 0

Answer:

(A) $40,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

Since in the question, the land was purchased at $40,000. Moreover, for the tax purpose, the land is valued at $27,000 and the qualified appraiser appraise the value at $48,000. The cash payment is also offered for $46,000

But at the time of recording or reported, the balance sheet would show at the purchase price i.e $40,000

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ladessa [460]

Answer:

1. The cost to be capitalized to building account is $343,600

2. The subsequent carrying amount of the building is $873,600

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1. In order to calculate the which of the costs incurred by Gonzo Co. should be capitalized to the building account we would have to use the following formula:

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