Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| April 1 | cash | $584,800 | |
| Accumulated depreciation - building | 217600 | ||
| Land | 81600 | ||
| Building | 380800 | ||
| Gain on disposal of plant assets | 340000 | ||
| Aug 1 | Land | $122400 | |
| Building | 544000 | ||
| Cash | 666400 |
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Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as...
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,...
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,...
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 $...
1 On April 5,purchased merchandlse from Sunland Company for $26,400, terms 4/10, n/30 2 On April...
1 On April 5,purchased merchandlse from Sunland Company for $26,400, terms 4/10, n/30 2 On April 6, pald freight costs of $590 on merchandlse purchased from Sunland. 3 On April 7,purchased equipment on account for $33,900 On April 8,returned $5,200 of April 5 merchandise to Sunland Company. 4. On April 15, paid the amount due to Sunland Company in fll 5. (a) Prepare the joumal entries to record the transactions listed above on Splish Brothers Co.'s books. Splish Brothers Co.uses...
Sunland Company purchased land and a building on April 1, 2019, for $363,600. The company paid...
Sunland Company purchased land and a building on April 1, 2019, for $363,600. The company paid $108,000 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $142,000 and the building, $221,600. The building was estimated to have a 25-year useful life with a $33,500 residual value. The company has a December 31 year end, prepares adjusting entries annually, and uses the straight-line method for buildings; depreciation is...
This information relates to Splish Brothers Co. 1. On April 5, purchased merchandise from Sunland Company...
This information relates to Splish Brothers Co. 1. On April 5, purchased merchandise from Sunland Company for $28,200, terms 4/10, n/30. 2. On April 6, paid freight costs of $710 on merchandise purchased from Sunland. 3. On April 7, purchased equipment on account for $32,100. 4. On April 8, returned $4,800 of April 5 merchandise to Sunland Company. 5. On April 15, paid the amount due to Sunland Company in full. (a) Prepare the journal entries to record the transactions...
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%, 3-month note. Prepar...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
On January 1, 2017, Splish Brothers Co. leased a building to Sunland Inc. The relevant information...
On January 1, 2017, Splish Brothers Co. leased a building to
Sunland Inc. The relevant information related to the lease is as
follows.
1. The lease arrangement is for 10 years. The building is
expected to have a residual value at the end of the lease of
$3,100,000 (unguaranteed).
2. The leased building has a cost of $3,600,000 and was
purchased for cash on January 1, 2017.
3. The building is depreciated on a straight-line basis. Its
estimated economic life...
- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and...
- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment. $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Presented below is information related to Sunland Industries. 1. On April 5, purchased merchandise on account...
Presented below is information related to Sunland Industries. 1. On April 5, purchased merchandise on account from Sarasota Ltd. for £20,500, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £960 on merchandise purchased from Sarasota. 3. On April 7. purchased equipment on account from Reed Manufacturing for £36,100. 4. On April 8, returned merchandise, which cost £3,000, to Sarasota. 5. On April 15, paid the amount due to Sarasota in full. - Your answer...
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 $...
1 On April 5,purchased merchandlse from Sunland Company for $26,400, terms 4/10, n/30 2 On April 6, pald freight costs of $590 on merchandlse purchased from Sunland. 3 On April 7,purchased equipment on account for $33,900 On April 8,returned $5,200 of April 5 merchandise to Sunland Company. 4. On April 15, paid the amount due to Sunland Company in fll 5. (a) Prepare the joumal entries to record the transactions listed above on Splish Brothers Co.'s books. Splish Brothers Co.uses...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
On January 1, 2017, Splish Brothers Co. leased a building to
Sunland Inc. The relevant information related to the lease is as
follows.
1. The lease arrangement is for 10 years. The building is
expected to have a residual value at the end of the lease of
$3,100,000 (unguaranteed).
2. The leased building has a cost of $3,600,000 and was
purchased for cash on January 1, 2017.
3. The building is depreciated on a straight-line basis. Its
estimated economic life...
- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment. $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Presented below is information related to Sunland Industries. 1. On April 5, purchased merchandise on account from Sarasota Ltd. for £20,500, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £960 on merchandise purchased from Sarasota. 3. On April 7. purchased equipment on account from Reed Manufacturing for £36,100. 4. On April 8, returned merchandise, which cost £3,000, to Sarasota. 5. On April 15, paid the amount due to Sarasota in full. - Your answer...
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