Homework Answers
JOURNAL ENTRIES IN THE BOOKS OF DUFFER COMPANY
| No | Account Title and Explanation | Debit | Credit |
| a | Land | $ 81,000 | |
| Contribution Revenue | $ 81,000 | ||
| b | Land | $ 180,000 | |
| Building | $ 630,000 | ||
| Common Stock ($13,000*$50) | $ 650,000 | ||
| Additional Paid in Capital | $ 160,000 | ||
| C | Machinery | $ 40,100 | |
| Materials | $ 12,500 | ||
| Direct Labour | $ 15,000 | ||
| Factory overheads *** | $ 12, 600 |
****** Fixed Overheads Additional ove factory supplies. .
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E10.12 (LO 1, 3) (Entries for Asset Acquisition, Including Self-Construction) Below are transactions related to Du...
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Below are transactions related to Whispering Company. (a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $88,510. (b) 13,000 shares of common stock with a par value of $52 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $885,100, of which $ 163,640 has been allocated to land and $721,460 to...
Below are transactions related to Sweet Company. (a) The City of Pebble Beach gives the company 5 acres of land as a...
Below are transactions related to Sweet Company.
(a)
The City of Pebble Beach gives the company 5 acres of land as a
plant site. The fair value of this land is determined to be
$84,030.
(b)
13,000 shares of common stock with a par value of $51 per share
are issued in exchange for land and buildings. The property has
been appraised at a fair value of $840,300, of which $163,750 has
been allocated to land and $676,550 to buildings....
Exercise 10-12 Below are transactions related to Monty Company. (a) The City of Pebble Beach gives...
Exercise 10-12
Below are transactions related to Monty Company.
(a)
The City of Pebble Beach gives the company 5 acres of land as a
plant site. The fair value of this land is determined to be
$74,980.
(b)
13,000 shares of common stock with a par value of $52 per share
are issued in exchange for land and buildings. The property has
been appraised at a fair value of $749,800, of which $179,660 has
been allocated to land and $570,140...
Your answer is partially correct. Try again. Below are transactions related to Sweet Company. (a) The...
Your answer is partially correct. Try again. Below are transactions related to Sweet Company. (a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $74,600. (b) 13,000 shares of common stock with a par value of $54 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $746,000, of which $194,280 has been...
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E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased
the following assets and constructed a building as well. All this
was done during the current year.
Asset 3
This machine was acquired by making a $25,000 down payment and
issuing a $75,000, 1-year, zero-interest-bearing note. The note is
to be paid off in at the end of the first year. It was estimated
that the asset could have been purchased outright for $91,000.
Asset 4
This machinery was acquired by trading in...
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Headland Industries purchased the following assets and constructed a building as well. All this was done...
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Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] The plant asset and accumulated depreciation accounts of...
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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December...
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Below are transactions related to Whispering Company. (a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $88,510. (b) 13,000 shares of common stock with a par value of $52 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $885,100, of which $ 163,640 has been allocated to land and $721,460 to...
Below are transactions related to Sweet Company.
(a)
The City of Pebble Beach gives the company 5 acres of land as a
plant site. The fair value of this land is determined to be
$84,030.
(b)
13,000 shares of common stock with a par value of $51 per share
are issued in exchange for land and buildings. The property has
been appraised at a fair value of $840,300, of which $163,750 has
been allocated to land and $676,550 to buildings....
Exercise 10-12
Below are transactions related to Monty Company.
(a)
The City of Pebble Beach gives the company 5 acres of land as a
plant site. The fair value of this land is determined to be
$74,980.
(b)
13,000 shares of common stock with a par value of $52 per share
are issued in exchange for land and buildings. The property has
been appraised at a fair value of $749,800, of which $179,660 has
been allocated to land and $570,140...
Your answer is partially correct. Try again. Below are transactions related to Sweet Company. (a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $74,600. (b) 13,000 shares of common stock with a par value of $54 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $746,000, of which $194,280 has been...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased
the following assets and constructed a building as well. All this
was done during the current year.
Asset 3
This machine was acquired by making a $25,000 down payment and
issuing a $75,000, 1-year, zero-interest-bearing note. The note is
to be paid off in at the end of the first year. It was estimated
that the asset could have been purchased outright for $91,000.
Asset 4
This machinery was acquired by trading in...
Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation Land Land improvements Building Equipment Automobiles Plant Asset $ 370,000 190,000 1,600,000 1,162,000 160,000 47,000 352,000 407,000 114,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $270,000, which included a $5,700 charge for freight. Installation costs of $29,000 were incurred....
Headland Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $130,000 cash. The following information was gathered. Initial Cost on Description Seller's Books Machinery $130,000 Equipment 78,000 Depreciation to Date on Seller's Books $65,000 13,000 Book Value on Seller's Books Appraised Value $65,000 $117.000 65,000 39,000 Asset 3: This machine was acquired by making a $13.000 down...
Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020 Accumulated Depreciation $ 54,000 359,000 414,000 121,000 Plant Asset Land 440,000 225,000 1,950,000 1,176,000 195,000 Land improvements Building Equipment Automobiles Transactions during 2021 were as follows: a. On January 2, 2021. equipment were purchased at a total invoice cost of $305,000. which included a $6.400 charge for freight. Installation costs of $36,000 were incurred....
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012 Plant Asset 315,000 169,568 Land Land improvements Building Machinery and equipment Automobiles 38,009 1,43e,e0e 315,e0e 1,688,00378,809 1e8,580 143,000 Transactions during 2018 were as follows a On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $225,000, which included a $4.800 b. On March 31, 2018, a small storage building was donated to the company The person donating...
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