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Homework Answers
Answer
- Requirement 2
|
Transaction |
General Journal |
Debit |
Credit |
|
1 |
Land [160000 x 70%] |
$112,000 |
|
|
Building [(160000 x 30%) + 10000] |
$58,000 |
||
|
Cash |
$170,000 |
||
|
(to record purchases) |
- Requirement 3
Straight Line Depreciation =($58000 -
$ 6000) / 10 year
= 52000 / 10
= $ 5200
- Requirement 4
Book Value at the end of Year 2:
[a] Land = $ 112000
[b] Building = $ 58000 – 5200 – 5200 = $ 47,600
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Bridge City Consulting bought a building and the land on which it is located for $200,000 cash. The land is estimated to represent 60 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for use. Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal Entry...
E9-2 Computing and Recording a Basket Purchase and Straight-Line Depreciation [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $195,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use
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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,...
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