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mylen [45]
3 years ago
12

Northwest Delivery Company acquired an adjacent lot to construct a new warehouse, paying $75,000 and giving a short-term note fo

r $90,000. Legal fees paid were $2,500, delinquent taxes assumed were $22,400, and fees paid to remove an old building from the land were $14,500. Materials salvaged from the demolition of the building were sold for $7,500. A contractor was paid $660,000 to construct a new warehouse.Required:Determine the cost of the land to be reported on the balance sheet.
Business
1 answer:
Alona [7]3 years ago
4 0

Answer:

d

Explanation:

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tulip Co. owns 100% of Daisy Co.'s outstanding common stock. Tulip's cost of goods sold for the year totals $600,000, and Daisy'
olasank [31]

Answer:

Cost of goods sold to be reported in  consolidated financial statement = $1,000,000

Explanation:

Whenever there is 100% or more than 50% holding in a company, then equity method is followed under which all of the items are to be consolidated, but in case where there are inter transfers that is transfer from holding to subsidiary or vice-versa then such transactions, profit not realized is to be eliminated.

In case where inventory is transferred to subsidiary after adding profit by holding company, then in case if that inventory is sold to third party by year end then entire profit is recognized even the profit added by holding to cost of goods sold to subsidiary.

Where in case such inventory is not sold further by subsidiary to third party and is still held in the stock then such profit added on sale by holding to subsidiary is eliminated.

In our case the entire inventory is sold to third party by the year end.

Therefore, entire profit will be recognized and cost of goods sold to be shown in consolidated financial statements = $600,000 + $400,000 = $1,000,000.

8 0
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Answer:

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Explanation:

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