2013 fall 2013 acct 202 final exam fixed 494794 | Homework Solutions

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12/7/13 Assignment Print View Problem 10-2A Asset cost allocation; straight-line depreciation L.O. C1, P1 [The following information applies to the questions displayed below.] In January 2011, Keona Co. pays $2,800,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $641,300, with a useful life of 20 years and an $80,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $408,100 that are expected to last another 14 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,865,600. The company also incurs the following additional costs: Cost to demolish Building 1 $ 422,600 Cost of additional land grading 167,200 Cost to construct new building (Building 3), having a useful life of 25 years and a $390,100 salvage value 2,019,000 Cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value 158,000 Total costs $ 5,566,800 Problem 10-2A Asset cost allocation; straight-line Section Break depreciation L.O. C1, P1 aw ard: 9.00 points 1. Problem 10-2A Part 1 Required: 1. Allocate the costs incurred by Keona to the appropriate columns and total each column. (Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.) Land Land Land Building 2 Building 3 improvements 1 improvements 2 Purchase price $ $ $ $ $ Demolition Land grading New building New improvements Totals $ $ $ $ $ Worksheet Problem 10-2A Part 1 aw ard: 9.00 points 2. Problem 10-2A Part 2 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2011. (Omit the “$”…


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