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Journal entries for modernization and amortization for the year end are explained below in detail:
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On January 1 of this year, Diaz Boutique pays $105,000 to modernize its store. Improvements include...
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store....
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year View transaction list Journal entry worksheet < 1 2 Record the...
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store....
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases (does not own) its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list Journal entry worksheet < 1...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as...
On January 1, Harbor (lessee) signs a five-year lease for
equipment that is accounted for as a finance lease. The lease
requires five $22,000 lease payments (the first at the beginning of
the lease and the remaining four at December 31 of years 1, 2, 3,
and 4), and the present value of the five annual lease payments is
$93,274, based on a 9% interest rate. 1. Prepare the January 1
journal entry Harbor records at inception of the lease...
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...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $21,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2, 3, and 4), and the present value of the five annual lease payments is $90,555, based on an 8% interest rate. 1. Prepare the January 1 journal entry Harbor records at inception of the lease...
Help On January 1, Falk Company signed a contract to lease space in a building for...
Help On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $231,000. Required: Prepare entries for Falk to record () the lease asset and obligation at January 1, and December 31 of the first year. the $77,000 straight-line amortization at View transaction list Journal entry worksheet Record lease asset and obligation. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 Record...
On January 1, Mitzu Co. pays a lump-sum amount of $2,800,000 for land, Building 1, Building...
On January 1, Mitzu Co. pays a lump-sum amount of $2,800,000 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 $737,500, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $501,500 and is expected to last another 17 years with no salvage value. The land is valued at $1,711,000. The company...
Help Save & Exit Sub Crestfield leases office space. On January 3, the company incurs $12,000...
Help Save & Exit Sub Crestfield leases office space. On January 3, the company incurs $12,000 to improve the leased office space. These Improvements are expected to yield benefits for 10 years. Crestfield has 4 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the Improvements? Multiple Choice Debit Amortization Expense $1,200, credit Accumulated Amortization-Leasehold improvements $1200. O Debit Depletion Expense $3,000 credit Accumulated Depletion $3,000. Debit Depreciation...
Che (The following information applies to the questions displayed below. On January 1, Mitzu Co. pays...
Che (The following information applies to the questions displayed below. On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 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 $630,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $540,000 and is expected to last another 18 years with no...
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year View transaction list Journal entry worksheet < 1 2 Record the...
On January 4 of this year, Diaz Boutique incurs a $140,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases (does not own) its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list Journal entry worksheet < 1...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list...
On January 1, Harbor (lessee) signs a five-year lease for
equipment that is accounted for as a finance lease. The lease
requires five $22,000 lease payments (the first at the beginning of
the lease and the remaining four at December 31 of years 1, 2, 3,
and 4), and the present value of the five annual lease payments is
$93,274, based on a 9% interest rate. 1. Prepare the January 1
journal entry Harbor records at inception of the lease...
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...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $21,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2, 3, and 4), and the present value of the five annual lease payments is $90,555, based on an 8% interest rate. 1. Prepare the January 1 journal entry Harbor records at inception of the lease...
Help On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $231,000. Required: Prepare entries for Falk to record () the lease asset and obligation at January 1, and December 31 of the first year. the $77,000 straight-line amortization at View transaction list Journal entry worksheet Record lease asset and obligation. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 Record...
On January 1, Mitzu Co. pays a lump-sum amount of $2,800,000 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 $737,500, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $501,500 and is expected to last another 17 years with no salvage value. The land is valued at $1,711,000. The company...
Help Save & Exit Sub Crestfield leases office space. On January 3, the company incurs $12,000 to improve the leased office space. These Improvements are expected to yield benefits for 10 years. Crestfield has 4 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the Improvements? Multiple Choice Debit Amortization Expense $1,200, credit Accumulated Amortization-Leasehold improvements $1200. O Debit Depletion Expense $3,000 credit Accumulated Depletion $3,000. Debit Depreciation...
Che (The following information applies to the questions displayed below. On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 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 $630,000, with a useful life of 20 years and a $75,000 salvage value. Land Improvements 1 is valued at $540,000 and is expected to last another 18 years with no...
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