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butalik [34]
3 years ago
15

Crane Company purchased land as a factory site for $1300000. Crane paid $110000 to tear down two buildings on the land. Salvage

was sold for $8000. Legal fees of $5000 were paid for title investigation and making the purchase. Architect's fees were $46000. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15000. The contractor was paid $4200000. An assessment made by the city for pavement was $9500. Interest costs during construction were $250000.
Required:
a. The cost of the land that should be recorded by Wilson Co. is:________
b. The cost of the building should be recorded by Wilson Co. is:_________
Business
1 answer:
Marizza181 [45]3 years ago
4 0

Answer:

a. $‭1,420,000‬

b.  $‭4,514,800‬

Explanation:

When it comes to fixed assets, all costs that directly helped make the asset available for use are to be capitalized.

Cost of Land

= Purchase Value + Cost Incurred to Tear Down 2 Buildings + Legal Fees + Title Insurance Cost + Assessment Cost - Salvage

= 1,300,000 + 110,000 + 5,000 + 3,500 + 9,500 - 8,000

= $‭1,420,000‬

Cost of Building

= Architect's Fees + Liability Insurance Cost + Excavation Cost + Contractor's Payment + Interest Cost

= 46,000 + 3,800 + 15,000 + 4,200,000 + 250,000

= $‭4,514,800‬

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8 0
1 year ago
Suppose Mexico’s opportunity cost for producing 1 unit of food is 3 units of clothing and the United States’ opportunity cost fo
Paul [167]

Answer:

Mexico export 1 unit of cloth and  import 2 unit of food

Explanation:

given data

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to find out

How beneficial would it be for Mexico

solution

as given in question we know that Mexico opportunity cost of producing food is lower in the US

so here United States will produce food and Mexico will produce cloth

and trade ratio is 1:1 so that  Mexico has export 1 unit of cloth and can import 1 unit of food

and

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Mexico export 1 unit of cloth and  import 2 unit of food

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8 0
3 years ago
"When the dollar appreciates, U.S." exports increase, while imports decrease. b. exports and imports increase. c. exports decrea
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Answer:

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3 years ago
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2. To get goods they couldn't get in that country.

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4 0
3 years ago
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8 0
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