Solve the following two problems in which you are asked to apply proper asset valuation. Submit your solutions to both problems on the same page of one Excel document.
You have been given the following information for Ethan Company as of June 1, 2010. Ethan Company purchased a parcel of land and then incurred specific costs for the construction of a new building. Below is a list of these costs:
Cost of Parking Lot and gates=$14,000
Cost of filling the building site= $10,000
Legal Fees to buy land= $2,000
Cost of driveway= $9,000
Property Taxes for Jan 1,2010 to June 1, 2010= $5,000
Title Insurance= $2,000
Interest on the construction loan= $13,000
Proceeds from the sale of salvage materials= ($1500)
Purchase price of land= $200,000
Cost of the building construction= $650,000
Cost of razing building on lot= $9,500
Cost of grading the lot= $5,000
- Using Excel, determine the accounts that are affected by the above transactions and the final balance of each account. (Note: The interest on the construction loan will be applied to the cost of the land.)
- Please prepare your solution in an Excel file.
On April 25, 2010, Bullseye Company purchased all of the outstanding common stock of Vista Company, paying $14,000,000. The book values and fair values of Vista's assets and liabilities acquired are shown below in dollar amounts:
Property, Plant and Equipment
- Using Excel, prepare the journal entry to record the acquisition by Bullseye Company.
- Submit your solution in same Excel file as for Problem 1.
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