The land was appraised at $175,000, the land improvements were appraised at $70,000, and the…


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The land was appraised at $175,000, the land improvements were appraised at $70,000, and the… 1 answer below » 1. A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of property costs to the three assets purchased? a. Land, $150,000; Land Improvements, $60,000; Building, $90,000 b. Land, $163,000; Land Improvements, $65,200; Building, $97,800 c. Land, $150,000; Land Improvements, $61,600; Building, $92,400 d. Land, $159,000; Land Improvements, $65,200; Building, $95,400 e. Land, $175,000; Land Improvements, $70, View complete question » 1. A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of property costs to the three assets purchased? a. Land, $150,000; Land Improvements, $60,000; Building, $90,000 b. Land, $163,000; Land Improvements, $65,200; Building, $97,800 c. Land, $150,000; Land Improvements, $61,600; Building, $92,400 d. Land, $159,000; Land Improvements, $65,200; Building, $95,400 e. Land, $175,000; Land Improvements, $70,000; Building, $105,000 2. A company purchased a truck for $35,000 on January 1, 2011. The truck is estimated to have a useful life of four years and an estimated salvage value of $1,000. Assuming that the company uses straight-line depreciation, what is the depreciation expense on the truck for the year ended December 31, 2012? a. $8,750 b. $17,500 c. $8,500 d. $17,000 e. $25,500 3. A company purchased machinery for $10,800,000 on January 1, 2011. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is the depreciation expense on the machinery for the year ended December 31, 2012, assuming that the double-declining-balance method is used? a. $2,160,000 b. $3,888,000 c. $1,728,000 d. $2,000,000 e. $1,600,000 4. A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is a. $0 gain or loss. b. $120,000 gain. c. $30,000 loss. d. $30,000 gain. e. $150,000 loss. 5. A company had average total assets of $500,000, gross sales of $575,000, and net sales of $550,000. The company’s total asset turnover is a. 1.15 b. 1.10 c. 0.91 d. 0.87 e. 1.05 View less » Jul 24 2014 07:49 AM

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