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vagabundo [1.1K]
3 years ago
12

Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,235,000. Hard

ing paid $280,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $296,000; Building, $880,000 and Equipment, $584,000. What value will be recorded for the building
Business
1 answer:
olya-2409 [2.1K]3 years ago
6 0

Answer:

The value recorded for the building = $140,000

Explanation:

From the appraisal of the property, the following information is given:

Value of land = $296,000

Value of building = $880,000

value of equipment = $584,000

Total = 296,000 + 880,000 + 584,000 = $1,760,000

Next, we will calculate the percentage of the total value allocated to the building as follows:

Percentage allocated to building = (value of building ÷ total value) × 100

= (880,000 ÷ 1,760,000) × 100

= 0.5 × 100 = 50%

Next, since we now know that the building takes 50% of the property cost, and since $280,000 was paid, the value recorded for building will be 50% of the $280,000 paid, and this is calculated as follows:

value recorded for building = 50% of 280,000

= 50/100 × 280,000 = 0.5 × 280,000 =  $140,000

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A company has a 40% gross margin, general and administrative expenses of $50, interest expense of $20, and net income of $70 for
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Answer is A

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Substitute the values in the equation above.

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A donor gave equipment valued at $90,000 at the beginning of 2020 to a private not-for-profit organization. The equipment had a
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<h3><u>What is a Non-Profit Organization?</u></h3>
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The value of the equipment given by the donor = $90,000

The charge of depreciation = $9,000.

The total assets of a business less the total liabilities equals the entity's net assets. The sum of a company's net assets equals its stockholders' equity in whole. Net assets are divided into unrestricted and restricted net assets of a nonprofit organization.

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Know more about Non-Profit Organization with the help of the given link:

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