1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ludmilkaskok [199]
3 years ago
14

Greer Manufacturing purchases property that includes land, buildings and equipment for $4.7 million. The company pays $185,000 i

n legal fees, $218,000 in commissions, and $111,000 in appraisal fees. The land is estimated at 28%, the buildings are at 40%, and the equipment at 32% of the property value. Prepare the journal entry that is required to record the purchase assuming that the company paid 50% of the amounts using cash and signed a note for the remainder.
Business
1 answer:
nekit [7.7K]3 years ago
6 0

Answer:

Explanation:

The journal entry is shown below:

Land A/c Dr $1,459,920

Equipment A/c Dr $2,085,600

Building A/c Dr $1,668,480

          To Cash A/c $2,607,000         ($5,214,000 × 50%)

           To Notes payable A/c  $2,607,000       ($5,214,000 × 50%)

(Being purchase of property is recorded)

The total property cost would be

= $4,700,000 + $185,000 + $218,000 + $111,000

= $5,214,000

Estimated value of land = $5,214,000 × 28% = $1,459,920

Estimated value of building = $5,214,000 × 40% = $2,085,600

Estimated value of equipment = $5,214,000 × 32% = $1,668,480

You might be interested in
Difference between administrative manpower and technical manpower​
saveliy_v [14]

Answer:

Here's ur answer

HAVE A NICE DAY

6 0
2 years ago
Read 2 more answers
Moshi and her best friend have phrases they use with each other that have specific meanings. For example, when they’re upset abo
Bingel [31]

Answer:

Moshi and her best friend have agreed on the meanings of each of the symbols.

Explanation:

A symbol is a thing that is used to represent something else, particularly when a physical object is used to represent an abstract thing.

Therefore, those phrases used by Moshi and her best friend are symbols they have jointly agreed upon to use as representations specific meanings. They are effective because of their joint agreement on them. Any other phrases that they have not jointly agreed upon will have no meaning to them and they will not be effective.

4 0
3 years ago
A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as non-payment is: Select one:
ivolga24 [154]

A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as the non-payment is the option(d) i.e, the Acceleration clause.

<h3>What is a mortgage clause?</h3>

A provision in an insurance policy (such as a fire insurance policy) that allows the designated mortgage to receive payment for property damage or loss.

There are different types of clauses:

  • Acceleration clause
  • Due-On-Sale clause
  • Prepayment Penalty clause
  • Subordination clause
  • Release clause

If the borrower breaches the conditions of the agreement, an acceleration clause in a mortgage or trust deed states that the entire obligation is payable immediately. Additionally, it will specify the circumstances under which a lender may request full loan payback. For instance, home loans frequently feature an acceleration provision that kicks in after a certain number of missed payments.

Most of the time, it is harmful to accelerate a loan. Typically, it denotes that the borrower has fallen behind on payments or broken the terms of the agreement, and the lender is requiring prompt repayment of the whole loan balance to avoid foreclosure.

To know more about mortgage clause refer to: brainly.com/question/13964240

#SPJ4

8 0
2 years ago
Irene invested $27,000 in a twelve-year CD bearing 8.0% interest, but needed to withdraw $6,000 after three years. If the CD’s p
stepladder [879]

$5,040 since Irene earned nearly earned about $4,800 less than what she would be making if she did not make her early withdrawal.

8 0
3 years ago
Read 2 more answers
What is the difference between SG&amp;A costs and Indirect costs?
nlexa [21]

SG&A is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement.

Indirect costs are costs that are not directly accountable to a cost object. Indirect costs may be either fixed or variable. Indirect costs include administration, personnel and security costs. These are those costs which are not directly related to production. Some indirect costs may be overhead.

6 0
3 years ago
Other questions:
  • Suppose Susan owns a business that operates in a market characterized by monopolistic competition. Susan's profit-maximizing pri
    9·2 answers
  • Rene is the manager at an event and catering company. He has just received a request for proposal (RFP) for managing the City Ar
    6·1 answer
  • The term "market failure" a. refers to the dissolution of a market when firms decide to quit producing a certain product. b. ref
    13·1 answer
  • Frito-lay, which is widely known for producing chips and other snack products, tried to introduce frito-lay lemonade. the reason
    10·1 answer
  • Northwest Clothing Supply has the following transactions during the year related to stockholders' equity: January 1 Issues 4,000
    10·1 answer
  • Strategic leadership:
    5·1 answer
  • The current​ zero-coupon yield curve for​ risk-free bonds is as​ follows: Maturity ​(years) 1 2 3 4 5 YTM 4.99 % 5.53 % 5.73 % 5
    9·1 answer
  • Investments can help a business increase productivity by:
    6·2 answers
  • When banks have less money in required reserves they lend more money out to people and business. So Lower reserves usually help
    6·1 answer
  • A postaudit is a valuable process because blank______. multiple choice question. it forces companies to fire employees who made
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!