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X Co. sold a Building for $450,000 which cost...
1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991...
1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991 for 2 cast of $700,000 and had dedacted $100,000 in Section 1250 depreciation through date of sale. Lanai should characterize the $350,000 gain recognized on sale as: A. All Section 1231 gain subject to the capital gains tax rate. B. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 loss. C. All unrecaptured Section 1250 gain. D. $100,000 as unrecaptured Section 1250...
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain...
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,000 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building (net) is $525,000. 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...
Venezuela Co. is building a new hockey arena at a cost of $2,500,000. It received a...
Venezuela Co. is building a new hockey arena at a cost of
$2,500,000. It received a downpayment of $500,000 from local
businesses to support the project, and now needs to borrow
$2,000,000 to complete the project. It therefore decides to issue
$2,000,000 of 10.5%, 10-year bonds. These bonds were issued on
January 1, 2019, and pay interest annually on each January 1. The
bonds yield 10%.
List Of Accounts
Accumulated Depreciation-Equipment
Accumulated Depreciation-Machinery
Accumulated Depreciation-Plant and Equipment
Allowance for Doubtful...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $119,000, the building $204,000, and the equipment $17.000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Percentage of Total Market Purchase Price...
Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Item Cost...
Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Item Cost Purchase Date Salvage Value Machinery $65,320 Jan 1, 2007 10 $0 Forklift 27,600 Jan. 1, 2014 5 0 Truck 30,728 Jan. 1, 2012 2,760 During 2017, each of the assets was removed from service. The machinery was retir $11,040. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depre company uses straight-line depreciation. All...
Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 224,000 reais and...
Sorocaba Ltda. sold a building to Banco Janeiro on January 1,
2017, for 224,000 reais and then leased it back under a 10-year
lease agreement, which is accounted for as an operating lease. The
building had a carrying amount of 183,100 reais and a fair value of
224,000 reais on the date of sale.
Assume that a foreign company using IFRS is owned by a company
using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP
to prepare...
How do I calculate this depreciation journal entry? Sep. 1: Sold a building that cost $580,000...
How do I calculate this depreciation journal entry?
Sep. 1: Sold a building that cost $580,000 (accumulated depreciation of $280,000 through December 31 of the preceding year). Bell received $410,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $40,000. Before we record the sale of the building, we must record depreciation on the building through September 1, 2016. Date Accounts and Explanation...
QUESTION 4 (10 marks) On April 1, 2015, Thunderbird Co sold a piece of equipment that...
QUESTION 4 (10 marks) On April 1, 2015, Thunderbird Co sold a piece of equipment that had cost $55,00 piece of equipment that had cost $35,000 on January 1, 2011. The equipment had a residual value of $5,000, a useful life 10 years, and double balance depreciation at twice the straight-line rate was used. On December 31, 2014, accumulated depreciation was $20.664. The asset was sold for $14,200. Prepare the journal entry to record depreciation up to the date of...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1,...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Mercury Inc. purchased equipment in 2019 at a cost of $400,000. The equipment was expected to...
Mercury Inc. purchased equipment in 2019 at a cost of $400,000. The equipment was expected to produce 700,000 units over the next five years and have a residual value of $50,000. The equipment was sold for $210,000 part way through 2021. Actual production in each year was: 2019 = 100,000 units; 2020 = 160,000 units; 2021 = 80,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss...
1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991 for 2 cast of $700,000 and had dedacted $100,000 in Section 1250 depreciation through date of sale. Lanai should characterize the $350,000 gain recognized on sale as: A. All Section 1231 gain subject to the capital gains tax rate. B. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 loss. C. All unrecaptured Section 1250 gain. D. $100,000 as unrecaptured Section 1250...
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,000 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building (net) is $525,000. 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...
Venezuela Co. is building a new hockey arena at a cost of
$2,500,000. It received a downpayment of $500,000 from local
businesses to support the project, and now needs to borrow
$2,000,000 to complete the project. It therefore decides to issue
$2,000,000 of 10.5%, 10-year bonds. These bonds were issued on
January 1, 2019, and pay interest annually on each January 1. The
bonds yield 10%.
List Of Accounts
Accumulated Depreciation-Equipment
Accumulated Depreciation-Machinery
Accumulated Depreciation-Plant and Equipment
Allowance for Doubtful...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $119,000, the building $204,000, and the equipment $17.000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Percentage of Total Market Purchase Price...
Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Item Cost Purchase Date Salvage Value Machinery $65,320 Jan 1, 2007 10 $0 Forklift 27,600 Jan. 1, 2014 5 0 Truck 30,728 Jan. 1, 2012 2,760 During 2017, each of the assets was removed from service. The machinery was retir $11,040. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depre company uses straight-line depreciation. All...
Sorocaba Ltda. sold a building to Banco Janeiro on January 1,
2017, for 224,000 reais and then leased it back under a 10-year
lease agreement, which is accounted for as an operating lease. The
building had a carrying amount of 183,100 reais and a fair value of
224,000 reais on the date of sale.
Assume that a foreign company using IFRS is owned by a company
using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP
to prepare...
How do I calculate this depreciation journal entry?
Sep. 1: Sold a building that cost $580,000 (accumulated depreciation of $280,000 through December 31 of the preceding year). Bell received $410,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $40,000. Before we record the sale of the building, we must record depreciation on the building through September 1, 2016. Date Accounts and Explanation...
QUESTION 4 (10 marks) On April 1, 2015, Thunderbird Co sold a piece of equipment that had cost $55,00 piece of equipment that had cost $35,000 on January 1, 2011. The equipment had a residual value of $5,000, a useful life 10 years, and double balance depreciation at twice the straight-line rate was used. On December 31, 2014, accumulated depreciation was $20.664. The asset was sold for $14,200. Prepare the journal entry to record depreciation up to the date of...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
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