Business, 08.04.2021 16:10 chayaharroch03
A. Purchase price of land, including an old building that will be used for a garage
(land market value is $315,000; building market value is $85,000) $360,000
b. Grading (leveling) land 8,500
c. Fence around the land 31,600
d. Attorney fee for title search on the land 1,200
e. Delinquent real estate taxes on the land to be paid by Bowler Supply 5,600
f. Company signs at entrance to the property 1,500
g. Building permit for the sales building 500
h. Architect fee for the design of the sales building 108,340
i. Masonry, carpentry, and roofing of the sales building 515,000
j. Renovation of the garage building 39,660
k. Interest cost on construction loan for sales building 9,200
l. Landscaping (trees and shrubs) 6,600
m. Parking lot and concrete walks on the property 52,400
n. Lights for the parking lot and walkways 7,400
o. Salary of construction supervisor (88% to sales building; 10%
to land improvements; and 2% to garage building renovations) 42,000
p. Office furniture for the sales building 79,900
q. Transportation and installation of furniture 4,100
Assume Paint in Color, Inc., opened an Office in Hamilton, Ohio. Paint in Color incurred the following in acquiring land, making land improvements, and constructing and furnishing the new sales building. Assume Paint in Color depreciates buildings over 50 years, land over 15 years, and furniture over 12 years, all on a straight-line basis With zero residual value.
Required:
Show how to account for each of Paint in Color's costs by listing the cost under the correct account Determine the total cost of each asset.
Answers: 2
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A. Purchase price of land, including an old building that will be used for a garage
(land market va...
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