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Question 1 On December 31, 2018 Change Co. showed the following account balances in his general...
Question 1 On December 31, 2018 Change Co. showed the following account balances in his general ledger: Land $330,000 Building and plant facilities 990,000 Machinery and equipment 975,000 During 2019, the following transactions occurred. 1. Land site A was acquired for $650,000 plus legal fees on closing of $40,000. 2. Land site B, with a building, was acquired for $720,000. The closing statement indicated that the land value was $500,000 and the building value was $300,000. Shortly after acquisition, the...
On December 31, 2018 Change Co. showed the following account balances in his general ledger: Land $330,000 Building and plant facilities 990,000 Machinery and equipment 975,000 During 2019, the following transactions occurred. 1. Land site A was acquired for $650,000 plus legal fees on closing of $40,000. 2. Land site B, with a building, was acquired for $720,000. The closing statement indicated that the land value was $500,000 and the building value was $300,000. Shortly after acquisition, the building was...
On December 31, 2018 Change Co. showed the following account balances in his general ledger: Land $330,000 990,000 975,000 Building and plant facilities Machinery and equipment During 2019, the following transactions occurred. 1. Land site A was acquired for $650,000 plus legal fees on closing of $40,000. 2. Land site B, with a building, was acquired for $720,000. The closing statement indicated that the land value was $500,000 and the building value was $300,000 Shortly after acquisition, the building was...
On December 31, 2018 Change Co. showed the following account balances in his general ledger. Land $330,000 Building and plant facilities 990,000 Machinery and equipment 975,000 During 2019, the following transactions occurred. Land site A was acquired for $650,000 plus legal fees on closing of $40,000. Land site B, with a building, was acquired for $720,000. The closing statement indicated that the land value was $500,000 and the building value was $300,000. Shortly after acquisition, the building was removed and...
That's all the information to solve the question. On December 31, 2018 Change Co. showed the following account balances in his general ledger: Land $330,000 Building and plant facilities 990,000 Machinery and equipment 975,000 During 2019, the following transactions occurred. 1. Land site A was acquired for $650,000 plus legal fees on closing of $40,000. 2. Land site B, with a building, was acquired for $720,000. The closing statement indicated that the land value was $500,000 and the building value...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Bridgeport Company's balance sheet had the following balances. Land $237,700 Buildings 905,300 Leasehold improvements 665,200 Equipment 882,900 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $853,100. In addition, to acquire the land Bridgeport paid a $55,700 commission to incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $15,500....
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Windsor Company’s balance sheet had the following balances. Land $239,600 Buildings 895,900 Leasehold improvements 660,200 Equipment 878,700 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $858,700. In addition, to acquire the land Windsor paid a $57,400 commission to a real estate agent. Costs of $43,600 were incurred to clear the land. During the course of clearing the land, timber...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blossom Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $238,200 905,200 661,900 883,800 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $850,800. In addition, to acquire the land Blossom paid a $53,000 commission to a real estate agent. Costs of $36,200 were incurred to clear the land. During the course of clearing the land, timber...
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Carla Company’s balance sheet had the following balances. Land $231,000 Buildings 890,300 Leasehold improvements 660,600 Equipment 881,000 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $851,500. In addition, to acquire the land Carla paid a $53,300 commission to a real estate agent. Costs of $40,000 were incurred to clear the land. During the course of clearing the land, timber...
PROBLEMS 10-1 (L01) EXCEL (Classification of Acquisiti in the property, plant, and equipment section of Reagan C her Asset Costs) At December 31,2016, certain accounts included ompany e sheet ha d the following Land Buildings Leasehold i Equipment During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the...