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The following information is provided for LAX, LLC for 2021: Vehicles 995,000 Equipment 500,000 6.50 10,500,000...
The following information is provided for LAX, LLC for 2021: Vehicles 5,000 Salvage value Life in...
The following information is provided for LAX, LLC for 2021: Vehicles 5,000 Salvage value Life in years Life in units Basket assets Land Land improv. Office building Factory Equipment Vehicles Total basket value: Equipment 35,000 7 900,000 Appraisal $ $ 720,000 54,000 1,710,000 720,000 360,000 36,000 $ 3,600,000 100,000 Salvage value Life in years Life in miles Units in 2021 131,853 Miles in 2021 24,608 Cash paid for basket: $ 3,500,000 1. Prepare the allocation table for the basket purchase:...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,020,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Land Building Equipment Vehicles Total Cost $ 110,000 520,000 220,000 170,000 $1,020,000 Estimated Residual Value N/A none 12% of cost $14,000 Estimated Useful Life (in years) N/A 25 10 On June 29, 2022, equipment included in the March...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,090,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Cost Estimated Residual Value Estimated Useful Life (in years) Land $ 145,000 N/A N/A Building 590,000 none 20 Equipment 155,000 12% of cost 10 Vehicles 200,000 $ 16,000 10 Total $ 1,090,000 On June 29, 2022, equipment included...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $960,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Cost Estimated Residual Value Estimated Useful Life (in years) Land $ 120,000 N/A N/A Building 460,000 none 25 Equipment 260,000 10% of cost 6 Vehicles 120,000 $ 15,000 10 Total $ 960,000 On June 29, 2022, equipment included...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Value Life (in years) Asset Cost Land $ 100,000 N/A N/A Building 500,000 none 25 Equipment 240,000 10% of cost 8 Vehicles 160,000 $12,000 8 Total $1,000,000 On June 29, 2022, equipment included in the...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Cost Estimated Residual Value Estimated Useful Life (in years) Land 100,000 N/A N/A Building 500,000 None 25 Equipment 240,000 10% of cost 8 Vehicles 160,000 12,000 8 Total 1,000,000 On June 29, 2022, equipment included in the March...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the t...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,020,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life (in years) N/A Asset Land Building Equipment Vehicles Total 25 Estimated Residual Value N/A none 12% of cost $14,000 Cost $ 110,000 520,000 220,000 170,000 $1,020,000 10 10 On June 29, 2022, equipment included in the...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,040,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Cost Estimated Residual Value Estimated Useful Life (in years) Land $ 120,000 N/A N/A Building 540,000 none 25 Equipment 200,000 10% of cost 6 Vehicles 180,000 $ 15,000 10 Total $ 1,040,000 On June 29, 2022, equipment included...
Chapter 10 - Part I Winter 2020 4 The following information is provided for the newly...
Chapter 10 - Part I Winter 2020 4 The following information is provided for the newly formed corporation, LAX, Inc. on January 1, 2021: Outstanding Common stock, $1 par value: Preferred stock, 6.5%, $100 par value: Authorized 100,000,000 1,000,000 10 1. On 7/1/21, LAX, Inc. issued 30,000,000 shares of of common stock in an initial public offerring (IPO) for $32 per share. Record 11 the journal entry: Accounts Debits Credits Dale 2021/7/1 18 2. On 9/30/21, LAX, Inc. issued 500,000...
Ullapiel J-IILII V VII LUI LULU The following information is provided for LAX, LLC on January...
Ullapiel J-IILII V VII LUI LULU The following information is provided for LAX, LLC on January 1, 2021: State Bank installment loan Principal: $ 1,000,000 Rate: 5.35% Term: 5 years Payment: $ 233,214 Payment dates: annual, end of year Par: Stated rate: Market rate: Term: Selling price: Discount: Bond issuance $ 2,000,000 5.00% 4.95% 3 years $ 2,002,756 $ 2,756 Interest (beg. bal. x rate) Note reduction Ending note balance $ 1,000,000 1. Prepare the installment loan amortization table: Beginning...
The following information is provided for LAX, LLC for 2021: Vehicles 5,000 Salvage value Life in years Life in units Basket assets Land Land improv. Office building Factory Equipment Vehicles Total basket value: Equipment 35,000 7 900,000 Appraisal $ $ 720,000 54,000 1,710,000 720,000 360,000 36,000 $ 3,600,000 100,000 Salvage value Life in years Life in miles Units in 2021 131,853 Miles in 2021 24,608 Cash paid for basket: $ 3,500,000 1. Prepare the allocation table for the basket purchase:...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,020,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Land Building Equipment Vehicles Total Cost $ 110,000 520,000 220,000 170,000 $1,020,000 Estimated Residual Value N/A none 12% of cost $14,000 Estimated Useful Life (in years) N/A 25 10 On June 29, 2022, equipment included in the March...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Value Life (in years) Asset Cost Land $ 100,000 N/A N/A Building 500,000 none 25 Equipment 240,000 10% of cost 8 Vehicles 160,000 $12,000 8 Total $1,000,000 On June 29, 2022, equipment included in the...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,020,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life (in years) N/A Asset Land Building Equipment Vehicles Total 25 Estimated Residual Value N/A none 12% of cost $14,000 Cost $ 110,000 520,000 220,000 170,000 $1,020,000 10 10 On June 29, 2022, equipment included in the...
Chapter 10 - Part I Winter 2020 4 The following information is provided for the newly formed corporation, LAX, Inc. on January 1, 2021: Outstanding Common stock, $1 par value: Preferred stock, 6.5%, $100 par value: Authorized 100,000,000 1,000,000 10 1. On 7/1/21, LAX, Inc. issued 30,000,000 shares of of common stock in an initial public offerring (IPO) for $32 per share. Record 11 the journal entry: Accounts Debits Credits Dale 2021/7/1 18 2. On 9/30/21, LAX, Inc. issued 500,000...
Ullapiel J-IILII V VII LUI LULU The following information is provided for LAX, LLC on January 1, 2021: State Bank installment loan Principal: $ 1,000,000 Rate: 5.35% Term: 5 years Payment: $ 233,214 Payment dates: annual, end of year Par: Stated rate: Market rate: Term: Selling price: Discount: Bond issuance $ 2,000,000 5.00% 4.95% 3 years $ 2,002,756 $ 2,756 Interest (beg. bal. x rate) Note reduction Ending note balance $ 1,000,000 1. Prepare the installment loan amortization table: Beginning...
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