Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fairvalues of $44,000 and $445,000.Required:Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journat entryrequired" in the first account field.)View transaction listJournal entry worksheet1.Record the entry on receiving a gift of Land and Building.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit< Prev4 of 15Next > Record the entry on receiving a gift of Land and Building.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecordentryClear entryView general journal< Prev4 of 15Next >

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $44,000 and $445,000. Required: Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journat entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry on receiving a gift of Land and Building. Note: Enter debits before credits. Transaction General Journal Debit Credit

Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $44,000 and $445,000. Required: Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journat entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry on receiving a gift of Land and Building. Note: Enter debits before credits. Transaction General Journal Debit Credit

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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Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Asset Machinery Office building Asset Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ Cost Basis $ 47,500 $ 51,500 $ 94,500 $ 426,000 Year 1 Cost Recovery 9,500 7,359 Machinery 13,504 Office building 4,096 Total 34,459 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
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Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $77,000. According to an independent appraisal, the old land currently is worth $146,000. Salad Express paid $22,500 in cash to complete the transaction. 2. Record the exchange. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the exchange of land. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Land (new) Land (old) Cash Gain
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