Chapter_7 - MGT120 Self- Study Problems Chapter 7 (5-10...

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MGT120 Self- Study Problems Chapter 7 (5-10 min.) E 7-1 Land: $150,000 + $100,000 + $5,000 + $3,000 + $10,000 = $268,000 Land improvements: $100,000 + $12,500 + $18,000 = $130,500 Building: $65,000 + $3,500,000 = $3,565,000
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P 7-1B Req. 1 ITEM LAND LAND IMPROVEMENTS SALES BUILDING STORAGE BUILDING FURNITURE (a) $220,000 $55,000 (b) 1,000 (c) $18,760 (d) 3,100 (e) 7,500 (f) $ 950 (g) 10,200 (h) 234,000 (i) 810,000 (j) 38,100 (k) 9,700 (l) 56,700 (m) 21,980 (n) 6,600 50,400 3,000 (o) 9,600* (p) $112,700 (q) 2,600 Totals $238,700 $104,460 $1,117,330 $96,100 $115,300 Computations: (a) Land: $280,000 / $350,000 × $275,000 = $220,000 Garage building: $ 70,000 / $350,000 × $275,000 = $ 55,000 (m) Land improvements: $ 60,000 × 0.11 = $ 6,600 Sales building: $ 60,000 × 0.84 = $50,400 Storage building: $ 60,000 × 0.05 = $ 3,000 _____ *Some accountants would debit this cost to the Land account. (continued)
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Chapter_7 - MGT120 Self- Study Problems Chapter 7 (5-10...

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