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Accumulated Acquisition Useful Depreciation to 12/31/19 Asset Category Number Description Date Life (Yrs) Cost Land 1 acre - 11th Line 05/31/19 09/01/18 09/01/18 100,000.00 200,000.00 401 Main Street .5 acre 402 Main Street 20,000.00 320,000.00 Building 09/01/18 05/01/20 2018-01 401 Main Street 40 2,055,000.00 68,500.00 2020-02 406 Main Street 40 1,095,000.00 3,150,000.00 68,500.00 Equipment 2018-04 Toro lawn mower 04/01/18 4 29,925.00 14,339.06 | 2018-05 2007 John Deere Excavator 09/01/18 03/01/19 05/31/19 07/31/19 08/01/20 12/01/20 12/01/20 10 47,100.00 6,280.00 2019-10 2018 Chev Truck 4 38,600.00 8,041.67 2019-11 2010 Toyota Tundra 18,750.00 1,822.92 2019-12 2017 Kenworth 220,500.00 15,312.50 2020-13 2015 Loader 10 25,365.00 2020-15 Flat-bed Trailer 10 12,300.00 2020-16 Ford F150 10 392,540.00 45,796.15 TOTAL $ 3,862,540.00 $ 114,296.15

Accumulated Acquisition Useful Depreciation to 12/31/19 Asset Category Number Description Date Life (Yrs) Cost Land 1 acre - 11th Line 05/31/19 09/01/18 09/01/18 100,000.00 200,000.00 401 Main Street .5 acre 402 Main Street 20,000.00 320,000.00 Building 09/01/18 05/01/20 2018-01 401 Main Street 40 2,055,000.00 68,500.00 2020-02 406 Main Street 40 1,095,000.00 3,150,000.00 68,500.00 Equipment 2018-04 Toro lawn mower 04/01/18 4 29,925.00 14,339.06 | 2018-05 2007 John Deere Excavator 09/01/18 03/01/19 05/31/19 07/31/19 08/01/20 12/01/20 12/01/20 10 47,100.00 6,280.00 2019-10 2018 Chev Truck 4 38,600.00 8,041.67 2019-11 2010 Toyota Tundra 18,750.00 1,822.92 2019-12 2017 Kenworth 220,500.00 15,312.50 2020-13 2015 Loader 10 25,365.00 2020-15 Flat-bed Trailer 10 12,300.00 2020-16 Ford F150 10 392,540.00 45,796.15 TOTAL $ 3,862,540.00 $ 114,296.15

FINANCIAL ACCOUNTING
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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Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

Accumulated Asset Acquisition Useful Depreciation Category Number Description Date Life (Yrs) Cost to 12/31/19 Land 1 acre - 11th Line 05/31/19 100,000.00 401 Main Street 09/01/18 200,000.00 .5 acre 402 Main Street 09/01/18 20,000.00 320,000.00 Building 2018-01 401 Main Street 09/01/18 40 2,055,000.00 68,500.00 2020-02 406 Main Street 05/01/20 40 1,095,000.00 3,150,000.00 68,500.00 Equipment 04/01/18 09/01/18 2018-04 Toro lawn mower 4 29,925.00 14,339.06 2018-05 2007 John Deere Excavator 10 47,100.00 6,280.00 2019-10 2018 Chev Truck 03/01/19 4 38,600.00 8,041.67 2019-11 2010 Toyota Tundra |05/31/19 18,750.00 1,822.92 2019-12 2017 Kenworth 07/31/19 220,500.00 15,312.50 2020-13 2015 Loader 08/01/20 10 25,365.00 2020-15 Flat-bed Trailer 12/01/20 10 12,300.00 2020-16 Ford F150 12/01/20 10 392,540.00 45,796.15 TOTAL $ 3,862,540.00 $ 114,296.15
Transcribed Image Text:Accumulated Asset Acquisition Useful Depreciation Category Number Description Date Life (Yrs) Cost to 12/31/19 Land 1 acre - 11th Line 05/31/19 100,000.00 401 Main Street 09/01/18 200,000.00 .5 acre 402 Main Street 09/01/18 20,000.00 320,000.00 Building 2018-01 401 Main Street 09/01/18 40 2,055,000.00 68,500.00 2020-02 406 Main Street 05/01/20 40 1,095,000.00 3,150,000.00 68,500.00 Equipment 04/01/18 09/01/18 2018-04 Toro lawn mower 4 29,925.00 14,339.06 2018-05 2007 John Deere Excavator 10 47,100.00 6,280.00 2019-10 2018 Chev Truck 03/01/19 4 38,600.00 8,041.67 2019-11 2010 Toyota Tundra |05/31/19 18,750.00 1,822.92 2019-12 2017 Kenworth 07/31/19 220,500.00 15,312.50 2020-13 2015 Loader 08/01/20 10 25,365.00 2020-15 Flat-bed Trailer 12/01/20 10 12,300.00 2020-16 Ford F150 12/01/20 10 392,540.00 45,796.15 TOTAL $ 3,862,540.00 $ 114,296.15
e. Record Depreciation on assets Depreciate the fixed assets according to the schedule. Depreciation is calculated on an annual basis. In the excel spreadsheet, see the tab “Fixed Asset Details" to perform any necessary calculations
Transcribed Image Text:e. Record Depreciation on assets Depreciate the fixed assets according to the schedule. Depreciation is calculated on an annual basis. In the excel spreadsheet, see the tab “Fixed Asset Details" to perform any necessary calculations
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