Homework Answers
| Date | Account Titles & Explanation | Debit | Credit |
| Apr-01 | Cash | $ 5,59,000.00 | |
| Accumulated Depreciation—Buildings | $ 2,08,000.00 | ||
| Land | $ 78,000.00 | ||
| Building | $ 3,64,000.00 | ||
| Gain on Disposal of Plant Assets | $ 3,25,000.00 | ||
| Aug-01 | Land | $ 1,17,000.00 | |
| Building | $ 5,20,000.00 | ||
| Cash | $ 6,37,000.00 | ||
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Question 14 On April 1,2017, Vaughn Company received a condemnation award of $559,000 cash as compensation...
On April 1, 2020, Cullumber Company received a condemnation award of $576,200 cash as compensation for...
On April 1, 2020, Cullumber Company received a condemnation award of $576,200 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state highway. The land and building cost $80,400 and $375,200, respectively, when they were acquired. At April 1, 2020, the accumulated depreciation relating to the building amounted to $214,400. On August 1, 2020, Cullumber purchased a piece of replacement property for cash. The new land cost $120,600,...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $81,600 and $380,800, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $217,600. On August 1 2017, Sunland purchased a piece of replacement property for cash. The new land...
Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
Vaughn Company exchanged equipment used in its manufacturing operations plus $3,540 in cash for similar equipment...
Vaughn Company exchanged equipment used in its manufacturing operations plus $3,540 in cash for similar equipment used in the operations of Bramble Company. 1 information pertains to the exchange. Vaughn Bramble Equipment (cost) Accumulated depreciation $33,040 22,420 $33,040 11,800 Fair value of equipment 14.750 18.290 Cash given up 3.540 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered....
Sunland Company purchased land and a building on April 1, 2019, for $363,600. The company paid...
Sunland Company purchased land and a building on April 1, 2019, for $363,600. The company paid $108,000 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $142,000 and the building, $221,600. The building was estimated to have a 25-year useful life with a $33,500 residual value. The company has a December 31 year end, prepares adjusting entries annually, and uses the straight-line method for buildings; depreciation is...
Question 4 Shamrock Industries Limited purchased a strip mine for cash on April 1, 2020 at...
Question 4
Shamrock Industries Limited purchased a strip mine for cash on
April 1, 2020 at a cost of $5,306,000. Shamrock expects to operate
the mine for 10 years, at which it is legally required to restore
the surrounding area to its original state. It is estimated that it
will cost $461,000 to do this at the end of the mine’s useful life.
The company’s year-end is December 31, and Shamrock follows
ASPE.
Prepare the journal entry to record the...
Plant acquisitions for selected companies are as follows. 1. Marin Industries Inc. acquired land, buildings, and...
Plant acquisitions for selected companies are as follows. 1. Marin Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $728,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $208,000 $156,000 Buildings 364,000 260,000 312,000 Equipment 312.000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land...
On July 6, Larkspur Company acquired the plant assets of Doonesbury Company, which had discontinued operations....
On July 6, Larkspur Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $500,000 Buildings 1,500,000 Equipment 1,000,000 Total $3,000,000 Larkspur Company gave 12,400 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Larkspur Company expended the following amounts in cash between July 6 and December 15, the...
Tamarisk Co. is building a new hockey arena at a cost of $2,370,000. It received a...
Tamarisk Co. is building a new hockey arena at a cost of $2,370,000. It received a downpayment of $520,000 from local businesses to support the project, and now needs to borrow $1,850,000 to complete the project. It therefore decides to issue $1,850,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9% Prepare the journal entry to record the issuance of the bonds on January 1,...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $81,600 and $380,800, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $217,600. On August 1 2017, Sunland purchased a piece of replacement property for cash. The new land...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
Vaughn Company exchanged equipment used in its manufacturing operations plus $3,540 in cash for similar equipment used in the operations of Bramble Company. 1 information pertains to the exchange. Vaughn Bramble Equipment (cost) Accumulated depreciation $33,040 22,420 $33,040 11,800 Fair value of equipment 14.750 18.290 Cash given up 3.540 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered....
Question 4
Shamrock Industries Limited purchased a strip mine for cash on
April 1, 2020 at a cost of $5,306,000. Shamrock expects to operate
the mine for 10 years, at which it is legally required to restore
the surrounding area to its original state. It is estimated that it
will cost $461,000 to do this at the end of the mine’s useful life.
The company’s year-end is December 31, and Shamrock follows
ASPE.
Prepare the journal entry to record the...
Plant acquisitions for selected companies are as follows. 1. Marin Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $728,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $208,000 $156,000 Buildings 364,000 260,000 312,000 Equipment 312.000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land...
Tamarisk Co. is building a new hockey arena at a cost of $2,370,000. It received a downpayment of $520,000 from local businesses to support the project, and now needs to borrow $1,850,000 to complete the project. It therefore decides to issue $1,850,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9% Prepare the journal entry to record the issuance of the bonds on January 1,...
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