Need help with questions 2 and 3. 2. For the tangible and Intangible assets acquired In the preceding transactlons, determine the amount of depreclation andamortizatlon that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated usIngthe double-declining-balance method with a useful life of five years and $40,000 resldual value.Equipment.Licensing nights3. Prepare a Journal entry to record the depreclation and amortization calculated in requlrement 2 (If no entry Is required for atransaction/event, select "No journal entry required" In the first account field.)Viow tranooction lletJournal entry worksheetRecord the entry for deprediation and amortization.DateGeneral JournalDebitCreditMar 31Depreciation,expenseAmortization expenseAccumulated depreciation (Equip)Accumu ated amortization Casting Crown Construction etered Into the following transactions during a recent year2 Purchased a bulldozer for 5200,000 by paying $20,000 cash and signing a $180,000 note.3 Replaced Lhe steel tracks on the bulldozer at a cost of 520.600, purchased on account.DanuaryJanuaryDanuany30 Wrote a cheque for the anount owed on account for the work completed on Jarnuary 3.February 1 Replaced the seat on the bulldozer and wrote e cheque for the full S6e0 cost.March1 Pald $2,480 cash for the rights to use computer software for a two-year perlod.Required:1-a. Analyze the accounting equation effects. (Enter any decreases to accounts with a minus sign.)DateAssetsLiabilitesShareholder's EquityNote payable(20,000)200,000Jan. 2Cash180,000EquipmentJan. 3 EquipmentJan. 30 Cash20,000(20,000)Accounts payableAccounts payable20,000(20,000)Feb. 1(600)(600)(2,400)CashRepairs and mantenance expenseMar. 1 Cash2,4001-b. Prepare thejournal entrles for each of the transactions. (If no entry is required for a transaction/event, select No Journal entryrequired" In the first account field.)NoDate:General JournalDebitCreditJan 02Equipment200,000Cash20,000Note payable180,000dan 03Equipment20,000Accounts payable20.0003Jan 30Accounts payable20,000Cash20,000Feb 01Repairs and ma ntenance expense;CashMar 01Licensing rights2.400Cash2.4002 For the tang ble and Intang ble assets acquired nthe preceding trancactions, determine the amount of depreclation andamortization that Casting Crown Construction should report for the quarter that ended March 3t. The equipment Is depreclated usingthe double-deaining-balance methodw/th a useful Iife of five years and $40,000 residual vaue.EquipmentLicensing rights

Depreciation and amortization is a decrease in the value of assets on account of their use in…

2 For the tangible and Intanglble assets acqulred In the preceding transactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated using the double-declining-balance method with a useful Iife of five years and $40,000 residual value. Equipment Licensing nights 3. Prepare a journal entry to record the depreclation and amortization calculated In regulrement 2 (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View tranaaction llet Journal entry worksheet Record the entry for depreciation and amortization. Nate: Enter debits betare credits. Date General Journal Debit Credit Depreciation expense Amortization expense Mar 31 Accumulated depreciation (Equip.) Accumulated amortization

2 For the tangible and Intanglble assets acqulred In the preceding transactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated using the double-declining-balance method with a useful Iife of five years and $40,000 residual value. Equipment Licensing nights 3. Prepare a journal entry to record the depreclation and amortization calculated In regulrement 2 (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View tranaaction llet Journal entry worksheet Record the entry for depreciation and amortization. Nate: Enter debits betare credits. Date General Journal Debit Credit Depreciation expense Amortization expense Mar 31 Accumulated depreciation (Equip.) Accumulated amortization

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 48P

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On 1 January 20X5 a company purchased some plant. The invoice showed $ Cost of plant 48,000 Delivery to factory 400 One year warranty covering breakdown during 20X5 800 49,200 Modifications to the factory building costing $2,200 were necessary to enable the plant to be installed. What amount should be capitalised for the plant in the company's records?
nt Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax $46,000 2, 300 Freight charges for shipnent of equipnent Insurance on the equipnent for the first year Installation of equipment 71e 910 1,100 The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet > Record the purchase of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet 11 Record any expenditures not capitalized in the purchase of equipment. Note Peter Oebits before credita Transaction General Journal Debit Credit 21
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Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $ 59,000 Sales tax 5,200 Shipment of machine 840 Insurance on the machine for the first year 540 Installation of machine 1,680 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Why? Revenue Recognition at a Point in Time versus Revenue Recognition Over Time. The Markert Com- 23 pany won a contract to build a shopping center at a price of $300 million. The following schedule details the estimated and actual costs of construction and the actual cash collections under the contract: Estimated (Actual) Costs of Construction Cash Collections from Customer 087 Year 1.. Year 2.. Year 3.. Year 4.. $ 40,000,000 60,000,000 70,000,000 30,000,000 $ 60,000,000 75,000,000 75,000,000 90,000,000 $200,000,000 $300,000,000 deb Required 1. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue at a point in time. 2. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue over time. 3. Which set of income statements best reflects the actual performance of the Markert Company? Why? bns bor
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Orion Flour Mills purchased a new machine and made the following expenditures: $55,000 5,000 Purchase price Sales tax Shipment of machine 800 Insurance on the machine for the first 500 year Installation of machine 1,600 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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