Homework Answers
Cost of the building: $230,000 + $3,500 + $1,700 = $235,200.
Depreciable amount = $235,200 – 161,000 = $74,200.
Building life = 10 years.
Depreciation expense for year 2020 = ($235,200 – $161,000) / 10 x 3.5 / 12 = $2,164.
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s of the cert Fint Corp m ed property on September 15, 2020 for $230000 paying...
Question 3 Concord Corp. acquired a property on September 15, 2020, for $240,000, paying $3,100 in...
Question 3 Concord Corp. acquired a property on September 15, 2020, for $240,000, paying $3,100 in transfer taxes and a $2,300 real estate fee. Based on the provincial assessment Information, 85% of the property's value was related to the building and 15% to the land. It is estimated that the building with proper maintenance, will last for 35 years, at which time it will be torn down and have zero salvage value. Concord, however, expects to use it for 10...
Exercise 11-2 Ayayai Corp. acquired a property on September 15, 2020, for $220,000, paying $3,000 in...
Exercise 11-2
Ayayai Corp. acquired a property on September 15, 2020, for
$220,000, paying $3,000 in transfer taxes and a $1,500 real estate
fee. Based on the provincial assessment information, 75% of the
property’s value was related to the building and 25% to the land.
It is estimated that the building, with proper maintenance, will
last for 20 years, at which time it will be torn down and have zero
salvage value. Ayayai, however, expects to use it for 10...
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Acquisition and Disposition of Property, Plant, and Equipment
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At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering...
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At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blossom...
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Presented in the table below are the balances in the individual property, plant and equipment accounts...
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P18.6 The accounting records of Steven Corp., a real estate developer, indicated income before income tax of $850,000 for its year ended December 31, 2020, and of $525,000 for the year ended December 31, 2021. The following data are also available. Steve
P18.6 The accounting records of Steven Corp., a real estate developer, indicated income before income tax of $850,000 for its year ended December 31, 2020, and of $525,000 for the year ended December 31, 2021. The following data are also available.Steven Corp. pays an annual life insurance premium of $11,000 covering the top management team. The company is the named beneficiary.The carrying amount of the company's property, plant, and equipment at January 1, 2020, was $1,256,000, and the UCC at that...
Question 3 Concord Corp. acquired a property on September 15, 2020, for $240,000, paying $3,100 in transfer taxes and a $2,300 real estate fee. Based on the provincial assessment Information, 85% of the property's value was related to the building and 15% to the land. It is estimated that the building with proper maintenance, will last for 35 years, at which time it will be torn down and have zero salvage value. Concord, however, expects to use it for 10...
Exercise 11-2
Ayayai Corp. acquired a property on September 15, 2020, for
$220,000, paying $3,000 in transfer taxes and a $1,500 real estate
fee. Based on the provincial assessment information, 75% of the
property’s value was related to the building and 25% to the land.
It is estimated that the building, with proper maintenance, will
last for 20 years, at which time it will be torn down and have zero
salvage value. Ayayai, however, expects to use it for 10...
In its first year of bensiness, Chal Board purchased land, a bulding and equipment on March 5, 2020, for $650,000 in total. The land was valued at $275.000, the building at $343.750 and the equipment at $68,750. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Building $25,000 60 Equipment 5.000 Depreciation Method Straight line Double diminishing-balance Your a wer is incorrect Allocate the purchase cost of the land, building and equipment to each of...
The following is information for Marigold Corp. for the year ended December 31, 2020: $1,130,000 Loss on inventory due to decline in net realizable value $87,000 Sales revenue Unrealized gain on FV-OCl equity investments 43,000 Loss on disposal of equipment 45,000 Interest income 9.000 53,000 678,000 Cost of goods sold Selling expenses Administrative expenses Dividend revenue Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land Dividends declared 56,500...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Winds Corporation's statement of financial position had the following balances: Land $309,670 Buildings-Structure 882,700 Leasehold Improvements 704,910 Equipment 844,960 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,660 plus a fee of $6,670 to the real estate agent for finding the property. Costs of $33,210 were incurred to clear the land. In clearing the land, topsoil and gravel...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
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...
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