Homework Answers
Ans:
| No | Date | Particulars | Debit($) | Credit($) |
| 1 | Jan-04 | Leasehold Improvements | 140,000 | |
| Cash | 140,000 | |||
| 2 | Dec-31 | Amortisation Expenses-Leasehold Imrovements(140,000/5) | 28000 | |
| Accumulated Amortisation-Leasehold Improvements | 28000 |
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On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store....
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store....
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year View transaction list Journal entry worksheet < 1 2 Record the...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list...
On January 1 of this year, Diaz Boutique pays $105,000 to modernize its store. Improvements include...
On January 1 of this year, Diaz Boutique pays $105,000 to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 10 years. Diaz leases (does not own) its store and has eight years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list Journal entry worksheet < Record the cost...
Help Save & Exit Sub Crestfield leases office space. On January 3, the company incurs $12,000...
Help Save & Exit Sub Crestfield leases office space. On January 3, the company incurs $12,000 to improve the leased office space. These Improvements are expected to yield benefits for 10 years. Crestfield has 4 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the Improvements? Multiple Choice Debit Amortization Expense $1,200, credit Accumulated Amortization-Leasehold improvements $1200. O Debit Depletion Expense $3,000 credit Accumulated Depletion $3,000. Debit Depreciation...
On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement....
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $102,000 each, beginning December
31, 2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 8%. Winn also paid a $282,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
Required information Problem 8-3A Asset cost allocation; straight-line depreciation LO C1, P1 (The following information applies...
Required information Problem 8-3A Asset cost allocation; straight-line depreciation LO C1, P1 (The following information applies to the questions displayed below.] In January 2018, 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 $720,000, with a useful life of 20 years and a $75,000 salvage value. A lighted parking lot...
Che (The following information applies to the questions displayed below. On January 1, Mitzu Co. pays...
Che (The following information applies to the questions displayed below. On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $630,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $540,000 and is expected to last another 18 years with no...
On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement....
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $60,000 each, beginning December 31,
2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 5%. Winn also paid a $276,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
Requirea information [The following information applies to the questions displayed below.) On January 1, Mitzu Co....
Requirea information [The following information applies to the questions displayed below.) On January 1, Mitzu Co. pays a lump-sum amount of $2.800,000 for land, Building 1. Building 2 and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $737,500, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $501,500 and is expected to last another 17 years with...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year View transaction list Journal entry worksheet < 1 2 Record the...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list...
On January 1 of this year, Diaz Boutique pays $105,000 to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 10 years. Diaz leases (does not own) its store and has eight years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list Journal entry worksheet < Record the cost...
Help Save & Exit Sub Crestfield leases office space. On January 3, the company incurs $12,000 to improve the leased office space. These Improvements are expected to yield benefits for 10 years. Crestfield has 4 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the Improvements? Multiple Choice Debit Amortization Expense $1,200, credit Accumulated Amortization-Leasehold improvements $1200. O Debit Depletion Expense $3,000 credit Accumulated Depletion $3,000. Debit Depreciation...
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $102,000 each, beginning December
31, 2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 8%. Winn also paid a $282,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
Required information Problem 8-3A Asset cost allocation; straight-line depreciation LO C1, P1 (The following information applies to the questions displayed below.] In January 2018, 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 $720,000, with a useful life of 20 years and a $75,000 salvage value. A lighted parking lot...
Che (The following information applies to the questions displayed below. On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $630,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $540,000 and is expected to last another 18 years with no...
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $60,000 each, beginning December 31,
2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 5%. Winn also paid a $276,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
Requirea information [The following information applies to the questions displayed below.) On January 1, Mitzu Co. pays a lump-sum amount of $2.800,000 for land, Building 1. Building 2 and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $737,500, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $501,500 and is expected to last another 17 years with...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
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