Homework Answers
| General journal | Debit | Credit |
| Building (76,000+4,000+19,000) | 99,000 | |
| Land (121,000+14,000) | 135,000 | |
| Cash | 234,000 |
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Required information (The following information applies to the questions displayed below.) Shahia Company bought a building...
Required information (The following information applies to the questions displayed below.) Shahia Company bought a building...
Required information (The following information applies to the questions displayed below.) Shahia Company bought a building for $76,000 cash and the land on which it was located for $121,000 cash. The company paid transfer costs of $18,000 ($4,000 for the building and $14,000 for the land). Renovation costs on the building before it could be used were $19,000. 3. What would be the net book value of the property (land and building) at the end of year 2 (Amounts to...
Required information (The following information applies to the questions displayed below.) Shahia Company bought a building...
Required information (The following information applies to the questions displayed below.) Shahia Company bought a building for $76,000 cash and the land on which it was located for $121,000 cash. The company paid transfer costs of $18,000 ($4,000 for the building and $14,000 for the land). Renovation costs on the building before it could be used were $19,000. 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $16,000 estimated residual value....
Required information [The following information applies to the questions displayed below.] Shahia Company bought a building...
Required information [The following information applies to the questions displayed below.] Shahia Company bought a building for $80,000 cash and the land on which it was located for $115,000 cash. The company paid transfer costs of $10,000 ($5,000 for the building and $5,000 for the land). Renovation costs on the building before it could be used were $28,000. 3. What would be the net book value of the property (land and building) at the end of year 2? (Amounts to...
These are all on the same question. Required information The following information applies to the questions...
These are all on the same question.
Required information The following information applies to the questions displayed below] As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $950 cash. The shelves originally cost $7,000 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $500. 1. Complete the table below,...
E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2,...
E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2, 8-3 Zeidler Company bought a building and the land on which the building is located for a total cash price of $178,500. The company paid transfer costs of $2,100. Renovation costs on the building were $20,780. An independent appraiser provided market values for the land, $120,000, and building, $280,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the...
[The following information applies to the questions displayed below.] On January 2, 2015, Summers Company bought a m...
[The following information applies to the questions
displayed below.]
On January 2, 2015, Summers Company bought a machine for use in
operations. The machine has an estimated useful life of eight years
and an estimated residual value of $4,400. The company provided the
following expenditures:
a.
Invoice price of the machine, $103,000.
b.
Freight paid by the vendor per sales agreement, $2,900.
c.
Installation costs, $3,100 paid in cash.
d.
Payment was made as follows:
On January 2:
• The...
Required information (The following information applies to the questions displayed below.] On January 1, Mitzu Co....
Required information (The following information applies to the questions displayed below.] On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 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 $678,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $472,000 and is expected to last another 16 years with...
Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Co....
Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 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 $678,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $472,000 and is expected to last another 16 years with...
Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used...
Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Required: 1....
Required information [The following information applies to the questions displayed below.) James Company began the month...
Required information [The following information applies to the questions displayed below.) James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
Required information (The following information applies to the questions displayed below.) Shahia Company bought a building for $76,000 cash and the land on which it was located for $121,000 cash. The company paid transfer costs of $18,000 ($4,000 for the building and $14,000 for the land). Renovation costs on the building before it could be used were $19,000. 3. What would be the net book value of the property (land and building) at the end of year 2 (Amounts to...
Required information (The following information applies to the questions displayed below.) Shahia Company bought a building for $76,000 cash and the land on which it was located for $121,000 cash. The company paid transfer costs of $18,000 ($4,000 for the building and $14,000 for the land). Renovation costs on the building before it could be used were $19,000. 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $16,000 estimated residual value....
Required information [The following information applies to the questions displayed below.] Shahia Company bought a building for $80,000 cash and the land on which it was located for $115,000 cash. The company paid transfer costs of $10,000 ($5,000 for the building and $5,000 for the land). Renovation costs on the building before it could be used were $28,000. 3. What would be the net book value of the property (land and building) at the end of year 2? (Amounts to...
These are all on the same question.
Required information The following information applies to the questions displayed below] As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $950 cash. The shelves originally cost $7,000 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $500. 1. Complete the table below,...
E8-4 Computing and Recording Cost and Depreciation of Assets in a Basket Purchase (Straight-Line Depreciation) LO8-2, 8-3 Zeidler Company bought a building and the land on which the building is located for a total cash price of $178,500. The company paid transfer costs of $2,100. Renovation costs on the building were $20,780. An independent appraiser provided market values for the land, $120,000, and building, $280,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the...
[The following information applies to the questions
displayed below.]
On January 2, 2015, Summers Company bought a machine for use in
operations. The machine has an estimated useful life of eight years
and an estimated residual value of $4,400. The company provided the
following expenditures:
a.
Invoice price of the machine, $103,000.
b.
Freight paid by the vendor per sales agreement, $2,900.
c.
Installation costs, $3,100 paid in cash.
d.
Payment was made as follows:
On January 2:
• The...
Required information (The following information applies to the questions displayed below.] On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 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 $678,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $472,000 and is expected to last another 16 years with...
Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Co. pays a lump-sum amount of $2,750,000 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 $678,500, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $472,000 and is expected to last another 16 years with...
Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Required: 1....
Required information [The following information applies to the questions displayed below.) James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
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