Novak Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and toMachinery and Equipment.Abstract company's fee for title searchArchitect's feesCash paid for land and dilapidated building thereonRemoval of old buildingLess: SalvageInterest on short-term loans during constructionExcavation before construction for basementMachinery purchased (subject to 2% cash discount, which was not taken)Freight on machinery purchasedStorage charges on machinery, necessitated by noncompletion ofbuilding when machinery was deliveredNew building constructed (building construction took 6 months fromdate of purchase of land and old building)Assessment by city for drainage projectHauling charges for delivery of machinery from storage to new buildingInstallation of machineryTrees, shrubs, and other landscaping after completion of building(permanent in nature)$45,00012,375$1,1707,133195,75032,62516,65042,750123,7503,0154,9051,091,2503,6001,3954,50012,150 Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be recorded. (Please leave spaces blank if there is no answer. Do not enter zeros in those spaces.)Abstract feesArchitect's feesCash paid for land and old buildingRemoval of old buildingInterest on loans during constructionExcavation before constructionMachinery purchasedFreight on machineryStorage charges caused by noncompletion of buildingNew buildingAssessment by cityHauling charges-machineryInstallation machineryLandscaping$$Land$BuildingsMachinery and Equipment$$$Other

The Land account reports the cost of real estate, omitting the cost of any developed assets on the…

Abstract company's fee for title search Architect's fees Cash paid for land and dilapidated building thereon Removal of old building Less: Salvage Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to 2% cash discount, which was not taken) Freight on machinery purchased Storage charges on machinery, necessitated by noncompletion of $45,000 12,375 $1,170 7,133 195,750 32,625 16,650 42,750 123,750 3,015

Abstract company's fee for title search Architect's fees Cash paid for land and dilapidated building thereon Removal of old building Less: Salvage Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to 2% cash discount, which was not taken) Freight on machinery purchased Storage charges on machinery, necessitated by noncompletion of $45,000 12,375 $1,170 7,133 195,750 32,625 16,650 42,750 123,750 3,015

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pina Company purchased equipment and incurred these costs: Cash price Sales taxes Insurance during transit Annual maintenance costs Total costs $25800 O $27090 O $27930 O $25800 O $27480 1290 390 450 $27930 What amount should be recorded as the cost of the equipment?
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Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) * Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Depreciation Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?
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Accounts Payable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicle Overhaul Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Gain on Disposal of Buildings Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles Gain on Vehicle Overhaul Gain or Loss in Value of Investment Property GST Receivable Interest Expense Interest Payable Inventory Investment Property Land Land Improvements Legal Expense Loss on Disposal of Buildings Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Vehicles Loss on Vehicle Overhaul Machinery Mineral Resources Mortgage Payable No Entry…
Saved Help Save & Exi Check Required information Enter your search term E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $23,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $600 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,800. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,200. E8-4 Part 5 5. What would be the net book value of…