21) Joshua Company made a basket purchase involving four assets. Their market values were A: $45,000;
B: $37,500; C: $41,000; and D: $53,000. The price Joshua paid for the four assets was $160,000. What percentage of the $160,000 price would be allocated to asset C to the nearest one-tenth of a percent? What is the dollar amount recorded to the asset C?
22) Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item B was appraised at $55,000; and item C was appraised at $60,000. The purchase price was $125,000 and a note was signed. What is the journal entry to record this purchase?
23) Ariana Corporation purchases land for $175,000 by signing a note payable. They paid cash as follows: $3,500 in realtor commission, $1,200 in transfer fees, a $1,700 survey fee, $3,200 to have the land graded and levelled, $6,300 for the installation of a fence, and $2,300 for a sprinkler system.. Prepare the journal entry required.
24) Malinda Enterprises purchases land for $245,000 by signing a note payable for the same amount. The company also pays for the following: $2,500 in realtor commission, $6,400 to remove an old building, $3,300 to have the land fenced, and $2,700 for outdoor lighting. They also purchased machinery for $40,000 cash. Prepare the journal entry required.
25) Isaiah Industries reported the following costs for land and land improvements:
Realtor commission
|
$8,400
|
Purchase price:
|
$156,000
|
In-ground sprinklers:
|
$21,000
|
Fencing:
|
$9,800
|
Clearing of land:
|
$11,500
|
Surveyor fees:
|
$3,200
|
Title transfer fees:
|
$1,100
|
Paving of parking lot:
|
$18,500
|
Calculate the cost of the land showing details of what is included in the calculation.
26) Andy Industries is making a basket purchase of 4 items for $550,000 for cash. The current market values of the items are as follows:
Equipment $133,000
Furniture: $147,000
Trucks: $127,000
Fixtures: $168,000
Calculate to the nearest dollar the amount at which Andy Industries should value each item and write the journal entry for this basket purchase on April 14, 2011.
Equipment:$__________
Furniture: $__________
Trucks: $__________
Fixtures: $__________