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Haley's Hamburger's has just completed an exchange of some of their long-term assets with Barry's Burgerlicious....
Problem 10-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed...
Problem 10-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $20, 515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck' s estimated...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 trade-in value. The invoice for the exchange showed these item:s Price of the furniture (equal to its fair value) 55,100 Trade-in allowance...
Brief Exercise 7-16 Account for the exchange of long-term assets (L07-6) China Inn and Midwest Chicken...
Brief Exercise 7-16 Account for the exchange of long-term assets (L07-6) China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $17,500 and $10,200 (original cost of $36,000 less accumulated depreciation of $25,800), respectively. To equalize market values of the exchanged assets, China Inn paid $8,100 in cash to Midwest Chicken 1. At what amount did China Inn record the delivery truck? Delivery truck...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The building's fair value is $1550,000 and its book value is $920.000 (original cost of $250.000 less accumulated depreciation of $1230,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1.070,000 foriginal cost of $1,750,000 less accumulated depreciation of S680000) Eastern also gives Southern $155,000 to complete the exchange. The exchange has commercial substance for...
Chech Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan....
Chech Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value...
Higher Ltd. purchased a large piece of earth-moving equipment for $5,750,000. The vehicle had six tires,...
Higher Ltd. purchased a large piece of earth-moving equipment for $5,750,000. The vehicle had six tires, each worth $175,000 and expected to last two years. This is the maximum value that should be allocated to tires. The reminder of the purchase cost, including incremental costs, was attributable 40% to the vehicle body, expected to last 6 years and 60% to the engine, expected to last 4 years. Other costs associated with the machine: 5862.500 HST, 15% of $5,750,000 cost Delivery...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) $147 Long-Term Liabilities...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) $147 Long-Term Liabilities 9.0% convertible bonds, callable at 103 beginning in 2022, due 2025 (net of unamortized discount of $3) [note 8] 9.8% registered bonds callable at 106 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 8] Shareholders' Equity Equity-stock warrants Note 8: Bonds (in part) The 9.0% bonds were issued in 2008 at 96.0 to yield 10%. Interest is paid semiannually on...
Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on...
Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2021. Company management has classified the bonds as an available-for-sale investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was...
I need help with the calculations please Presented below are selected transactions at Whispering Winds Corp....
I need help with the
calculations please
Presented below are selected transactions at Whispering Winds Corp. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $61,300 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $36,000. It had a useful life of 5 years with no salvage value. The...
Problem 10-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $20, 515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck' s estimated...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 trade-in value. The invoice for the exchange showed these item:s Price of the furniture (equal to its fair value) 55,100 Trade-in allowance...
Brief Exercise 7-16 Account for the exchange of long-term assets (L07-6) China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $17,500 and $10,200 (original cost of $36,000 less accumulated depreciation of $25,800), respectively. To equalize market values of the exchanged assets, China Inn paid $8,100 in cash to Midwest Chicken 1. At what amount did China Inn record the delivery truck? Delivery truck...
Problem 10-6 Nonmonetary exchange (L010-6] Southern Company owns a building that it leases to others. The building's fair value is $1550,000 and its book value is $920.000 (original cost of $250.000 less accumulated depreciation of $1230,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1.070,000 foriginal cost of $1,750,000 less accumulated depreciation of S680000) Eastern also gives Southern $155,000 to complete the exchange. The exchange has commercial substance for...
Chech Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value...
Higher Ltd. purchased a large piece of earth-moving equipment for $5,750,000. The vehicle had six tires, each worth $175,000 and expected to last two years. This is the maximum value that should be allocated to tires. The reminder of the purchase cost, including incremental costs, was attributable 40% to the vehicle body, expected to last 6 years and 60% to the engine, expected to last 4 years. Other costs associated with the machine: 5862.500 HST, 15% of $5,750,000 cost Delivery...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Bradley-Link's December 31, 2021, balance sheet included the following items: ($ in millions) $147 Long-Term Liabilities 9.0% convertible bonds, callable at 103 beginning in 2022, due 2025 (net of unamortized discount of $3) [note 8] 9.8% registered bonds callable at 106 beginning in 2031, due 2035 (net of unamortized discount of $1) [note 8] Shareholders' Equity Equity-stock warrants Note 8: Bonds (in part) The 9.0% bonds were issued in 2008 at 96.0 to yield 10%. Interest is paid semiannually on...
Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2021. Company management has classified the bonds as an available-for-sale investment. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was...
I need help with the
calculations please
Presented below are selected transactions at Whispering Winds Corp. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $61,300 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $36,000. It had a useful life of 5 years with no salvage value. The...
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