Fullerton waste management purchased land and a warehouse for $800,000. in addition to the purchase price, fullerton made the following expenditures related to the acquisition: broker’s commission, $50,000; title insurance, $13,000; miscellaneous closing costs, $16,000. the warehouse was immediately demolished at a cost of $38,000 in anticipation of the building of a new warehouse.

determine the amounts fullerton should capitalize as the cost of the land and the building.

capitalized cost of land =capitalized cost of building =

Ben collins plans to buy a house for $166,000. if the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be five years from now?

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.

Warby parker, a manufacturer of fashionable prescription eyewear, notes on its website, "warby parker was founded with a rebellious spirit and a loft objective: to offer designer eyewear at a revolutionary price, while leading the way for socially-conscious business." this excerpt from the company's website states warby parker's