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1. Cheap Banners pays $300,000 cash for a group purchase of land, building,...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000 December 31, 2012 December 31, 2013 10000 10,000 19200 14000 9200 Total The extra...
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...
Wholesale Banners pays $ 240,000 cash for a group purchase of land, building, and equipment. At...
Wholesale Banners pays $ 240,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $ 78,000, the building $ 156,000, and the equipment $ 26,000. 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. Asset Market value Percentage...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000|| 10000 December 31, 2012 December 31, 2013 19200 10.000 14000|| 9200 Total The extra depreciation...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000 10000 December 31, 2012 19200 10,000 December 31, 2013 9200 14000 Total The extra depreciation...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $190,000, the building's current market value is 599,000 and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then joumalize the lump sum purchase of the three assets. The business signs a note...
Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the...
Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $198,000, the building's current market value is $99,000, and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable...
P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on...
P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment at $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 Straight-line Equipment 15,000 Double diminishing-balance 60 Instructions (a) Allocate the purchase cost of the land, building, and equipment to each of the assets. (b)...
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...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000 December 31, 2012 December 31, 2013 10000 10,000 19200 14000 9200 Total The extra...
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...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000|| 10000 December 31, 2012 December 31, 2013 19200 10.000 14000|| 9200 Total The extra depreciation...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000 10000 December 31, 2012 19200 10,000 December 31, 2013 9200 14000 Total The extra depreciation...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $190,000, the building's current market value is 599,000 and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then joumalize the lump sum purchase of the three assets. The business signs a note...
Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $198,000, the building's current market value is $99,000, and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable...
P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment at $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 Straight-line Equipment 15,000 Double diminishing-balance 60 Instructions (a) Allocate the purchase cost of the land, building, and equipment to each of the assets. (b)...
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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