Homework Answers
1) Depreciation expense per year = (510000/20) = 25500 per year
Expired age = 382500/25500 = 15 years
Plant age = 20-15 = 5 years
2) Journal entry
| Date | account and explanation | Debit | Credit |
| Building | 51000 | ||
| Cash | 51000 |
3) Book value of building
| Cost (510000+51000) | 561000 |
| Less: Accumulated depreciation | -382500 |
| Book value of building | 178500 |
4) Journal entry
| Date | account and explanation | Debit | Credit |
| Depreciation expense (178500/10) | 17850 | ||
| Accumulated depreciation-Building | 17850 |
Add Answer to:
Required 1 Required 2 Required 3 Required 4 Prepare the entry to record the current calendar...
15? Exercise 8-15 Extraordinary repairs; plant asset age LO C3 Martinez Company owns a building that...
15?
Exercise 8-15 Extraordinary repairs; plant asset age LO C3 Martinez Company owns a building that appears on its prior year-end balance sheet at its original $760,000 cost less $570,000 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $76,000 cost. The repairs extend its useful life for 5 years...
Martinez Company owns a building that appears on its prior year-end balance sheet at its original...
Martinez Company owns a building that appears on its prior year-end balance sheet at its original $510,000 cost less $382,500 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $51,000 cost. The repairs extend its useful life for 5 years beyond the 20 years originally estimated. 1. Determine the building's...
Plz help me Martinez Company owns a building that appears on its prior year-end balance sheet...
Plz
help me
Martinez Company owns a building that appears on its prior year-end balance sheet at its original $740.000 cost less $555,000 accumulated depreclation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $74,000 cost. The repairs extend its useful life for 5 years beyond the 20 years originally estimated 1....
Required i Required 2 Prepare the journal entry to record depreciation expense at the end of...
Required i Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round inter calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 Note: Enter debits before credits. Transaction General Journal Debit Credit . . At the beginning...
Southern Company owns a building that it leases to others. The building's fair value is $1,950,000...
Southern Company owns a building that it leases to others. The building's fair value is $1,950,000 and its book value is $1,240,000 (original cost of $2,550,000 less accumulated depreciation of $1,310,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,390,000 (original cost of $2,150,000 less accumulated depreciation of $760,000). Eastern also gives Southern $195,000 to complete the exchange. The exchange has commercial substance for both companies. Required: Prepare the...
Southern Company owns a building that it leases to others. The building's fair value is $2,050,000...
Southern Company owns a building that it leases to others. The building's fair value is $2,050,000 and its book value is $1,320,000 (original cost of $2,650,000 less accumulated depreciation of $1,330,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,470,000 (original cost of $2,250,000 less accumulated depreciation of $780,000). Eastern also gives Southern $205,000 to complete the exchange. The exchange has commercial substance for both companies. Required: Prepare the...
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The...
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A Machine B Machine C Cost of the asset $ 9,800 $ 39,000 $ 22,800 Installation costs 950 2,900 2,000 Renovation costs prior to use 750 2,500 3,000 Repairs after production began 500 900 1,500 By the end of the first year,...
1. Record the beginning of the lease for Winn. 2.Record the advance payment made at the...
1. Record the beginning of the
lease for Winn.
2.Record the advance payment made at the beginning of the lease
by Winn.
3.Record the lease payment for Winn.
4. Record the amortization the right-of-use asset for Winn.
5.Recored depreciation for Winn.
6.Recored the lease payment for Winn.
7. Record the amortization of the right-of-use asset for
Winn.
8.Recored deprecation for Winn.
9.Recored the lease payment for Winn.
10.Recored the amortization of the right-of-use asset for
Winn.
11. Recored depreciation for...
At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated....
At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated. The machines immediately were overhauled, installed, and started operating. Because the machines were different from each other, each was recorded separately in the accounts. 29 Machine A $10,000 1,600 600 500 Machine C $22,000 800 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine B $31, 500 2,100 1,400 400 1,600 700 By the end of the...
At the end of the prior year ending on December 31, Year 1, O'Connor Company's records...
At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine A: Cost when acquired Accumulated depreciation $ 30,600 10,400 At the beginning of January of the current year, the machine was renovated at a cost of $15,800. As a result, the estimated life ve years to eight years, and the residual value increased from $4,600 to $6,600. The company uses straight-line depreciation Required: 1. Prepare the journal entry to...
15?
Exercise 8-15 Extraordinary repairs; plant asset age LO C3 Martinez Company owns a building that appears on its prior year-end balance sheet at its original $760,000 cost less $570,000 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $76,000 cost. The repairs extend its useful life for 5 years...
Plz
help me
Martinez Company owns a building that appears on its prior year-end balance sheet at its original $740.000 cost less $555,000 accumulated depreclation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $74,000 cost. The repairs extend its useful life for 5 years beyond the 20 years originally estimated 1....
Required i Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round inter calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 Note: Enter debits before credits. Transaction General Journal Debit Credit . . At the beginning...
Southern Company owns a building that it leases to others. The building's fair value is $1,950,000 and its book value is $1,240,000 (original cost of $2,550,000 less accumulated depreciation of $1,310,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,390,000 (original cost of $2,150,000 less accumulated depreciation of $760,000). Eastern also gives Southern $195,000 to complete the exchange. The exchange has commercial substance for both companies. Required: Prepare the...
Southern Company owns a building that it leases to others. The building's fair value is $2,050,000 and its book value is $1,320,000 (original cost of $2,650,000 less accumulated depreciation of $1,330,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,470,000 (original cost of $2,250,000 less accumulated depreciation of $780,000). Eastern also gives Southern $205,000 to complete the exchange. The exchange has commercial substance for both companies. Required: Prepare the...
1. Record the beginning of the
lease for Winn.
2.Record the advance payment made at the beginning of the lease
by Winn.
3.Record the lease payment for Winn.
4. Record the amortization the right-of-use asset for Winn.
5.Recored depreciation for Winn.
6.Recored the lease payment for Winn.
7. Record the amortization of the right-of-use asset for
Winn.
8.Recored deprecation for Winn.
9.Recored the lease payment for Winn.
10.Recored the amortization of the right-of-use asset for
Winn.
11. Recored depreciation for...
At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated. The machines immediately were overhauled, installed, and started operating. Because the machines were different from each other, each was recorded separately in the accounts. 29 Machine A $10,000 1,600 600 500 Machine C $22,000 800 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine B $31, 500 2,100 1,400 400 1,600 700 By the end of the...
At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine A: Cost when acquired Accumulated depreciation $ 30,600 10,400 At the beginning of January of the current year, the machine was renovated at a cost of $15,800. As a result, the estimated life ve years to eight years, and the residual value increased from $4,600 to $6,600. The company uses straight-line depreciation Required: 1. Prepare the journal entry to...
Most questions answered within 3 hours.
-
A coach uses a new technique to train gymnasts. Seven
gymnasts were randomly selected and their...
asked 10 minutes ago -
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 2 hours ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 4 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 4 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 5 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 6 hours ago -
In a study of the accuracy of fast food​ drive-through orders,
Restaurant A had 257 accurate...
asked 6 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 6 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 6 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 6 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 6 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 6 hours ago