Required information The following information applies to the questions displayed below) In Janua… Assignment Help


Show transcribed image text Required information The following information applies to the questions displayed below) In January 2017 Mitzu Co. pays $2,600,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $644,000, with a useful life of 20 years and a $60,000 salvage value. A lighted parking lot near Building 1has improvements (Land Improvements improvements, the tract of land is valued at $1.736.000. The company also incurs the following additional costs: Cost to demolish Building 1 328,400 cost of additional land grading 175,400 cost to construct new building (Building 3 having a useful life of 25 years and a $392,000 salvage value 2,202,000 cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value 164,000 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. Percent of Allocation of Purchase Price Appraised Total cost of Apportioned Appraised Acquisition Cost

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