Tacos and Tangerines Restaurant is going to build a new restaurant. The company purchased a...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Tacos and Tangerines Restaurant is going to build a new restaurant. The company purchased a piece of land for $100,000. An existing building was on the land, and it cost $10,000 to have the building razed. However, Tacos and Tangerines was able to sell some of the salvaged material from the building for $5,000. Tangerines and Tacos installed fencing, a patio, and a sprinkler system for $25,000. Architects fees for the new building are $75,000, and it cost $350,000 to build the new restaurant. They also spent $7,000 in legal costs to purchase the land and paid $6,000 to a title company. Kitchen equipment, dining tables and chairs, and bar equipment totaled $200,000. a. How much should Tacos and Tangerines capitalize for the land? b. How much should Tacos and Tangerines capitalize for the building? c. How much should Tacos and Tangerines capitalize for the land improvements?
Tacos and Tangerines Restaurant is going to build a new restaurant. The company purchased a piece of land for $100,000. An existing building was on the land, and it cost $10,000 to have the building razed. However, Tacos and Tangerines was able to sell some of the salvaged material from the building for $5,000. Tangerines and Tacos installed fencing, a patio, and a sprinkler system for $25,000. Architects fees for the new building are $75,000, and it cost $350,000 to build the new restaurant. They also spent $7,000 in legal costs to purchase the land and paid $6,000 to a title company. Kitchen equipment, dining tables and chairs, and bar equipment totaled $200,000.
a. How much should Tacos and Tangerines capitalize for the land?
b. How much should Tacos and Tangerines capitalize for the building?
c. How much should Tacos and Tangerines capitalize for the land improvements?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.