Bridges Wholesale Company incurred the following costs in 2015 for a warehouse acquired on July 1, 2015, the beginning of its fiscal year:
Cost of land ……. $132,000 Landscaping….. $31,000
Cost of building….. $528,000 Property tax for period prior to acquisition….. $10,000
Remodeling and repairs prior to occupancy $58,200 Real estate commission …… $40,000
Escrow fee…. $ 12,000
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The company signed a non-interest-bearing note for on July 1, 2015. The implicit interest rate is compounded semiannually. Payments of are to be made semiannually beginning December 31, 2015, for 10 years.
Instructions: Give the required journal entries to record
(1) the acquisition of the land and building (assume that cash is paid to equalize the cost of the assets and the present value of the note) and
(2) the first two semiannual payments, including amortization of note discount.
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