Question

Item 1: Entity | Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: Purchase price Broker's fees Title search and other fees $55,000 6,000 5,000 Demolition of an old building on the property, 5,700 Grading Digging foundation for the road Laying and paving driveway Lighting Signs 1,200 3,000 25,000 7,500 1,500. List the items and amounts that should be included in the Land account. Item 2: Equipment with a cost of $480,000 has an estimated salvage value of $30,000 and an estimated life of 4 years. Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the second year. | Item 3: Equipment that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. Make the entry to record this transaction. Hint: Compute BV and then gain (loss).

          Item 1: Entity | Corporation purchased land adjacent to its plant to improve access for
trucks making deliveries. Expenditures incurred in purchasing the land were as follows:
Purchase price
Broker's fees
Title search and other fees
$55,000
6,000
5,000
Demolition of an old building on the property, 5,700
Grading
Digging foundation for the road
Laying and paving driveway
Lighting
Signs
1,200
3,000
25,000
7,500
1,500.
List the items and amounts that should be included in the Land account.
Item 2: Equipment with a cost of $480,000 has an estimated salvage value of $30,000
and an estimated life of 4 years. Compute the annual depreciation and then show what
this asset looks like on the balance sheet at the end of the second year.
|
Item 3: Equipment that cost $72,000 and on which $60,000 of accumulated depreciation
has been recorded was disposed of for $18,000 cash. Make the entry to record this
transaction. Hint: Compute BV and then gain (loss).

Item 1: Entity | Corporation purchased land adjacent to its plant to improve access for
trucks making deliveries. Expenditures incurred in purchasing the land were as follows:
Purchase price
Broker's fees
Title search and other fees
55,000
6,000
5,000
Demolition of an old building on the property, 5,700
Grading
Digging foundation for the road
Laying and paving driveway
Lighting
Signs
1,200
3,000
25,000
7,500
1,500.
List the items and amounts that should be included in the Land account.
Item 2: Equipment with a cost of480,000 has an estimated salvage value of 30,000
and an estimated life of 4 years. Compute the annual depreciation and then show what
this asset looks like on the balance sheet at the end of the second year.
|
Item 3: Equipment that cost72,000 and on which 60,000 of accumulated depreciation
has been recorded was disposed of for18,000 cash. Make the entry to record this
transaction. Hint: Compute BV and then gain (loss).

Added by Lee C.

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