Business, 05.12.2021 03:50 jhaveen8335
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $701,500, with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $518,500 and is expected to last another 17 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs.
Cost to demolish Building 1 $ 347,400
Cost of additional land grading 191,400
Cost to construct Building 3, having a useful life
of 25 years and a $400,000 salvage value 2,222,000
Cost of new Land Improvements 2
having a 20-year useful life and no salvage value 173,000
Required:
1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column.
Answers: 3
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On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and L...
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