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Daniel [21]
2 years ago
5

On December 1, 2020, Swifty Corporation purchased a tract of land as a factory site for $770000. The old building on the propert

y was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2020 were as follows: Cost to raze old building $69000 Legal fees for purchase contract and to record ownership 9900 Title guarantee insurance 16400 Proceeds from sale of salvaged materials 6900 In Swifty's December 31, 2020 balance sheet, what amount should be reported as land
Business
1 answer:
seropon [69]2 years ago
6 0

Answer:

the amount reported as land is $858,400

Explanation:

The computation of the amount reported as land is shown below;

= Purchase cost + raze old building cost + ownership cost + title guarantee cost - Proceeds from sale of salvaged materials

= $770,000 + $69,000 + $9,900 + $16,400 - $6,900

= $858,400

hence, the amount reported as land is $858,400

The same would be considered

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Imagine you are making a $1000 purchase with different payment options. Which of the following
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The payment option that pays the LEAST is <u>B. B. 10% APR, with 12 monthly payments,</u> as it pays back a total of $1,008.33, for borrowing $1,000.

<h3>How to calculate payment options:</h3>

Payment options can be computed using an online finance calculator as follows:

The option that pays the least total cost should be chosen.

<h3>Data and Calculations:</h3>

Loan payment = $1,000

A. 8% APR, no payments for the first 6 months, then 6 monthly payments:

Amount after 6 months = $1,040 ($1,000 + $1,000 x 0.08 x 1/2)

N (# of periods) = 1

I/Y (Interest per year) = 8%

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FV (Future Value) = $0

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PMT = $174.49

Sum of all periodic payments = $1,046.93 ($174.49 x 6)

Total Interest =$46.93 ($40 + $6.93)

B. 10% APR, with 12 monthly payments:

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FV (Future Value) = $0

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Total Interest = $8.33

C. 12% APR, with 6 monthly payments:

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Learn more about periodic payments at brainly.com/question/24244579

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3 years ago
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What law organized a way to divide and sell the land in the northwest territory?
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3 years ago
Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $3,350,000. The buildin
Volgvan

Answer:

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Land = $1,675,000

Furniture and fixtures = $335,000

Explanation:

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Therefore, the initial values of the building, land, and furniture and fixtures would be $1,340,000, $1,675,000, and $335,000 respectively.

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