artalaa usilg uuble-declnlng-balance method, over a five-year useful life with a allu Tlau residual value of $18,000. Answer each of the following independent questions: Required: If the company sold the machinery for $105,000, prepare a journal entry to record the sale. b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale. a. 6. On January 1, 2019, Ginger Company purchased land and a building for a total cash price of $6,900,000 Individually, the land was appraised at $2,250,000 and the building at $5,250,000. The buildings estimated useful life is 25 years and its estimated salvage value is $300,000. Required: a. Prepare the journal entry to record the purchase of land and building on January 1, 2019. b. What is the 2019 depreciation expense on the building, assuming that double declining-balance depreciation is used?
artalaa usilg uuble-declnlng-balance method, over a five-year useful life with a allu Tlau residual value of $18,000. Answer each of the following independent questions: Required: If the company sold the machinery for $105,000, prepare a journal entry to record the sale. b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale. a. 6. On January 1, 2019, Ginger Company purchased land and a building for a total cash price of $6,900,000 Individually, the land was appraised at $2,250,000 and the building at $5,250,000. The buildings estimated useful life is 25 years and its estimated salvage value is $300,000. Required: a. Prepare the journal entry to record the purchase of land and building on January 1, 2019. b. What is the 2019 depreciation expense on the building, assuming that double declining-balance depreciation is used?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Can you please help with all of question 6. Thank you!
Transcribed Image Text:artalaa usilg
uuble-declnlng-balance method, over a five-year useful life with a
allu Tlau
residual value of $18,000.
Answer each of the following independent questions:
Required:
If the company sold the machinery for $105,000, prepare a journal entry to record the sale.
b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale.
a.
6. On January 1, 2019, Ginger Company purchased land and a building for a total cash price of $6,900,000
Individually, the land was appraised at $2,250,000 and the building at $5,250,000. The buildings estimated
useful life is 25 years and its estimated salvage value is $300,000.
Required:
a. Prepare the journal entry to record the purchase of land and building on January 1, 2019.
b. What is the 2019 depreciation expense on the building, assuming that double declining-balance
depreciation is used?
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