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    Arlene Joy S. Garcia Practice Test 5.2 BSA-3 ACC 211 7:30-9:30 AM Yu Corporation Land Land Improvements Buildings Machinery and Equipment

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    Arlene Garcia
    Yu Corporation purchased land for $7.5 million and incurred various costs such as legal fees, taxes, demolition of old buildings, and fencing. They constructed a new building for $12.12 million which included expenses like permits, excavation, and architect fees. Machinery and equipment was also acquired for $2.2 million including installation costs. As a result, the balances on their fixed assets accounts increased from December 2015 to December 2016.

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    Arlene Joy S. Garcia Practice Test 5.2 BSA-3 ACC 211 7:30-9:30 AM Yu Corporation Land Land Improvements Buildings Machinery and Equipment

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    Arlene Garcia
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    Yu Corporation purchased land for $7.5 million and incurred various costs such as legal fees, taxes, demolition of old buildings, and fencing. They constructed a new building for $12.12 million which included expenses like permits, excavation, and architect fees. Machinery and equipment was also acquired for $2.2 million including installation costs. As a result, the balances on their fixed assets accounts increased from December 2015 to December 2016.

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    Yu-Corporation-SERENTAS.docx

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    Yu Corporation purchased land for $7.5 million and incurred various costs such as legal fees, taxes, demolition of old buildings, and fencing. They constructed a new building for $12.12 million which included expenses like permits, excavation, and architect fees. Machinery and equipment was also acquired for $2.2 million including installation costs. As a result, the balances on their fixed assets accounts increased from December 2015 to December 2016.

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    Download as docx, pdf, or txt
    35 views1 page

    Arlene Joy S. Garcia Practice Test 5.2 BSA-3 ACC 211 7:30-9:30 AM Yu Corporation Land Land Improvements Buildings Machinery and Equipment

    Uploaded by

    Arlene Garcia
    Yu Corporation purchased land for $7.5 million and incurred various costs such as legal fees, taxes, demolition of old buildings, and fencing. They constructed a new building for $12.12 million which included expenses like permits, excavation, and architect fees. Machinery and equipment was also acquired for $2.2 million including installation costs. As a result, the balances on their fixed assets accounts increased from December 2015 to December 2016.

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    Arlene Joy S. Garcia PRACTICE TEST 5.

    2
    BSA-3
    ACC 211 7:30-9:30 AM
    Yu Corporation
    Land Land Buildings Machinery
    Improvements and
    Equipment
    Balances, December 31, 2015 P7,000,000 P500,000 P 9,000,000 P 980,000
    Cash paid on purchase of land 4,500,000
    Mortgage assumed on the land 5,000,000
    bought including interest at 10%
    Legal fees, realty taxes and 50,000
    documentation expenses
    Payment to squatters 100,000
    Razing costs of old building 120,000
    Salvage value from building (
    demolition 150,000)
    Cost of fencing the property 500,000
    Paid to a contractor for building 12,000,000
    erected
    Building permit fee 20,000
    Excavation expenses 50,000
    Architect’s fees 150,000
    Invoice cost of machines acquired 2,000,000
    Freight, unloading and delivery 60,000
    charges
    Custom duties and other charges 140,000
    Allowances, hotel 400,000
    accommodations paid to
    technicians during installation and
    test runs of machines
    Balances, December 31, 2016 P16,550,000 P1,000,000 P21,290,000 P3,580,000

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