Cala Manufacturing purchases land for $337,000 as part of its plans to build a new plant. The company pays $33,200 to tear down an old building on the lot and $49,078 to fill and level the lot. It also pays construction costs of $1,441,700 for the new building and $91,004 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.
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Cala Manufacturing purchases land for $337,000 as part of its plans to build a new plant. The company pays $33,200 to tear down an old building on the lot and $49,078 to fill and level the lot. It also pays construction costs of $1,441,700 for the new building and $91,004 for lighting and paving a parking area.
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- Cala Manufacturing purchases land for $259,000 as part of its plans to build a new plant. The company pays $26,400 to tear down an old building on the lot and $39,026 to fill and level the lot. It also pays construction costs $1,220,600 for the new building and $77,048 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.Cala Manufacturing purchases land for $297,000 as part of its plans to build a new plant. The company pays $27,300 to tear down an old building on the lot and $40,356 to fill and level the lot. It also pays construction costs of $1,791,300 for the new building and $113,072 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. View transaction list Journal entry worksheet A Record the total costs of the plant assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Land 297,000 Building Land improvements Record entry Clear entry View generaCala Manufacturing purchases land for $381,000 as part of its plans to build a new plant. The company pays $26,000 to tear down an old building on the lot and $38,435 to fill and level the lot. It also pays construction costs $1,264,800 for the new building and $79,838 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. View transaction list Journal entry worksheet A Record the total costs of the plant assets. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry Vlew general journal Prev 1 of 7 Next > MacBook Air
- Cala Manufacturing purchases land for $327,000 as part of its plans to build a new plant. The company pays $35,100 to tear down an old building on the lot and $51,887 to fill and level the lot. It also pays construction costs of $1,278,200 for the new building and $80,684 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. View transaction list Journal entry worksheet < A Record the total costs of the plant assets. Note: Enter debits before credits. Transaction General Journal 1 Record entry Clear entry Debit Credit View genera2 Cala Manufacturing purchases land for $433,000 as part of its plans to build a new plant. The company pays $37,300 to tear down an old building on the lot and $55,139 to fill and level the lot. It also pays construction costs of $1,211,000 for the new building and $76,442 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. No A Transaction 1 Answer is complete but not entirely correct. Land Land improvements Building Cash General Journal ✪ ✪ Debit 433,000 168,581 1,211,000 Credit 1,812,581Falcon Company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a short-term note for $410,000. Legal fees paid were $13,275, delinquent taxes assessed were $14,500, and fees paid to remove an old building from the land were $15,800. Materials salvaged from the demolition of the building were sold for $6,800. A contractor was paid $890,000 to construct the new warehouse. Determine the cost of the land to be reported on the balance sheet.
- Raymond Stamping Services purchased a stamping machine priced at $21,500. The firm had to pay a sales tax of $1,200 on this purchase. Raymond also paid the inbound transportation charges of $525 on the new machine, as well as a labor cost of $1,350 to install the machine in the factory. In addition, Raymond had to prepare the site before installation at a cost of $2,125. Determine the cost basis for the new machine for depreciation purposes.Murphy Self Storage purchased land, paying $160,000 cash as a down payment and signing a $185,000 note payable for the balance. Murphy also had to pay delinquent property tax of $2,000, title insurance costing $6,000, and $11,000 to level the land and remove an unwanted building. The company paid $58,000 to add soil for the foundation and then constructed an office building at a cost of $700,000. It also paid $52,000 for a fence around the property, $11,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds. Read the requirement. The cost of the land is The cost of the land improvements is The cost of the building is Requirement 1. What is the capitalized cost of each of Murphy's land, land improvements, and building? Print Done - XCharles Corp. purchased a new machine for its factory. The following lists shows the various expenditures for the machine during its first year: Base purchase price, $40,000 Sales tax incurred at the time of purchase, $3,000 Installation charges for the machine, $1,000 Insurance costs incurred while the machine was being shipped, $900 Insurance costs for the first year of the machine's service life, $500 Ordinary repairs and maintenance costs during the first year of the machine's service life, $1,200 Question: What should be the capitalized cost of the machine? Answer: $ Answer
- UMPI Co. purchased land costing $2,550,000 as a future factory site. UMPI paid $240,000 to tear down two buildings on the land. Some Amish folks came along and paid them from the scrap lumber. They paid $2,450 cash for it. UMPI paid the lawyer $4,555 in fees for the title investigation and for making the purchase. The architect's fees were $85,600. The cost for the title insurance was $4,600, and liability insurance costs during the construction phase for the factory was $12,640. The excavation cost to clear the ground for the new building was $19,450. They paid the building contractor $8,200,000. The interest costs during the construction phase of the building was $465,000. What should UMPI record as cost of the building? 8,200,000 9,022,690 8,782,690 8,770,050 xBrady Self Storage purchased land, paying $175,000 cash as a down payment and signing a $160,000 note payable for the balance. Brady also had to pay delinquent property tax of $1,000, title insurance costing $2,500, and $9,000 to level the land and remove an unwanted building. The company paid $51,000 to add soil for the foundation and then constructed an office building at a cost of $650,000. It also paid $55,000 for a fence around the property, $18,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds.Moby Co. purchased land costing $2,550,000 as a future factory site. Moby paid $240,000 to tear down two buildings on the land. Some Amish folks came along and paid them from the scrap lumber. They paid $2,450 cash for it. Moby paid the lawyer $4,555 in fees for the title investigation and for making the purchase. The architect's fees were $85,600. The cost for the title insurance was $4,600, and liability insurance costs during the construction phase for the factory was $12,640. The excavation cost to clear the ground for the new building was $19,450. They paid the building contractor $8,200,000. The interest costs during the construction phase of the building was $465,000. What should Moby record as cost of the land? Question options: 2,796,705 2,882,305 2,799,155 2,550,000