On April 1, 2020, Cullumber Company received a condemnation award of $576,200 cash as compensation for...
On April 1, 2020, Cullumber Company received a condemnation award of $576,200 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state highway. The land and building cost $80,400 and $375,200, respectively, when they were acquired. At April 1, 2020, the accumulated depreciation relating to the building amounted to $214,400. On August 1, 2020, Cullumber purchased a piece of replacement property for cash. The new land cost $120,600, and the new building cost $536,000. Prepare the journal entries to record the transactions on April 1 and August 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)?
Homework Answers
| Debit | Credit | ||
| April 1, 2020 | Cash | 576200 | |
| Accumulated Depreciation—Buildings | 214400 | ||
| Land | 80400 | ||
| Buildings | 375200 | ||
| Gain on Disposal of Plant Assets | 335000 | ||
| August 1, 2020 | Land | 120600 | |
| Buildings | 536000 | ||
| Cash | 656600 |
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On April 1, 2020, Cullumber Company received a condemnation
award of $576,200 cash as compensation for...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Question 14 On April 1,2017, Vaughn Company received a condemnation award of $559,000 cash as compensation...
Question 14 On April 1,2017, Vaughn Company received a condemnation award of $559,000 cash as compensation for the forced sale of the company's land and building,which stood in the path of a new state highway. The land and building cost $ 78,000 and $364,000, respectively, when they were acquired. At April 1,2017, the accumulated depreciation relating to the building amounted to $ 208,000. On August 1,2017, Vaughn purchased a piece of replacement property for cash. The new land cost $...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $81,600 and $380,800, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $217,600. On August 1 2017, Sunland purchased a piece of replacement property for cash. The new land...
Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
* Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Cullumber...
* Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Cullumber Ltd. for $8,318,900. Following is the statement of financial position of Cullumber Ltd. from the company's year-end the previous day: Cullumber Ltd. Statement of Financial Position As at December 31 2019 Cash $670,000 Accounts receivable 555,000 Inventory 2,580,000 Property, plant, and equipment (net) 2,160,000 Land 2.530,000 $8,495.000 Accounts payable $285,000 Common shares 2,610,000 Retained earnings 5,600,000 $8,495,000 As part of the negotiations, AMI and...
Problem 18-04 Cullumber Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental...
Problem 18-04
Cullumber Appliance Co. manufactures low-price, no-frills
appliances that are in great demand for rental units. Pricing and
cost information on Cullumber’s main products are as follows.
Problem 18-04 Cullumber Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Cullumber's main products are as follows. Item Refrigerator Range Stackable washer/dryer unit Standalone Selling Price (Cost) $500 ($260 ) 570 (280) 710 (400) Customers can contract to purchase either individually...
Question 3 Cullumber Ltd. purchased an electric wax melter on April 30, 2020, by trading in...
Question 3 Cullumber Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $790 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $ 16,000 10,900 11,290 6,300 5,310 Assuming that Cullumber's fiscal year ends on December 31 and...
Cullumber sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2020. The...
Cullumber sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2020. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2020. Cullumber estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Redemption Total March 31 50 % April 30 80 June 30 85 Prepare the 2020 journal entries related to the gift cards at March 1, March...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Cullumber products and services. Click here to view factor table. Cullumber offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $737. On a standalone basis, the grill sells for $637...
Exercise 10-24 On December 31, 2020, Bramble Inc. has a machine with a book value of...
Exercise 10-24 On December 31, 2020, Bramble Inc. has a machine with a book value of $1,259,600. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,742,000 482,400 $1,259,600 Depreciation is computed at $80,400 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Question 14 On April 1,2017, Vaughn Company received a condemnation award of $559,000 cash as compensation for the forced sale of the company's land and building,which stood in the path of a new state highway. The land and building cost $ 78,000 and $364,000, respectively, when they were acquired. At April 1,2017, the accumulated depreciation relating to the building amounted to $ 208,000. On August 1,2017, Vaughn purchased a piece of replacement property for cash. The new land cost $...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $81,600 and $380,800, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $217,600. On August 1 2017, Sunland purchased a piece of replacement property for cash. The new land...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
* Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Cullumber Ltd. for $8,318,900. Following is the statement of financial position of Cullumber Ltd. from the company's year-end the previous day: Cullumber Ltd. Statement of Financial Position As at December 31 2019 Cash $670,000 Accounts receivable 555,000 Inventory 2,580,000 Property, plant, and equipment (net) 2,160,000 Land 2.530,000 $8,495.000 Accounts payable $285,000 Common shares 2,610,000 Retained earnings 5,600,000 $8,495,000 As part of the negotiations, AMI and...
Problem 18-04
Cullumber Appliance Co. manufactures low-price, no-frills
appliances that are in great demand for rental units. Pricing and
cost information on Cullumber’s main products are as follows.
Problem 18-04 Cullumber Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Cullumber's main products are as follows. Item Refrigerator Range Stackable washer/dryer unit Standalone Selling Price (Cost) $500 ($260 ) 570 (280) 710 (400) Customers can contract to purchase either individually...
Question 3 Cullumber Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $790 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $ 16,000 10,900 11,290 6,300 5,310 Assuming that Cullumber's fiscal year ends on December 31 and...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Cullumber products and services. Click here to view factor table. Cullumber offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $737. On a standalone basis, the grill sells for $637...
Exercise 10-24 On December 31, 2020, Bramble Inc. has a machine with a book value of $1,259,600. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,742,000 482,400 $1,259,600 Depreciation is computed at $80,400 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made...
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