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Running head: LIABILITIES AND ONWER’S EQUITY Liabilities and onwer’s equity Name Intitution Course Date
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LIABILITIES AND ONWER’S EQUITY Acquisition cost $550,000 Appraisal 50,000 Total cost $600,000 Appraisal Values % of Total Land $180,000 28.13% Building 285,000 44.53% Equipment 175,000 27.34% Total value$640,000 100% Cost assigned to: Land 28.13% x $600,000 =$ 168,750 Building 44.53% x $600,000 = 267,188 Equipment 27.34% x $600,000 = 164,062 Total cost assigned $600,000
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LIABILITIES AND ONWER’S EQUITY Item Debit Credit Land $ 168,750 Building $ 267,188 Equipment $ 164,063 Cash $ 600,000 This is so assets are individually recorded at a fair proportion of the amount of lump-sum. Characteristics include: should be tangible, held for administrative, supply or production or for rental purpose, and An expected life of more than one year (Stanko & Zeller, 2010).
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  • Spring '15
  • Generally Accepted Accounting Principles, Stanko & Zeller, Management Agricol

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