company had a tractor destroyed by fire. The tractor originally cost $145,000 with accumulated depreciation of $78,000. The proceeds from the insurance company were $40,000. The company should recognize:

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in…

A: Solution: Cost of land to be reported = $377,305 Cost of land = cash paid to acquire land +…

Q: 000, accumulated depreciation to the contribution date of $37,000, and a fair value of $24,000.

A: Equipment Truck  Total Fair Value-A        46,000        24,000           70,000 Historical…

Q: Mohr Company purchases a machine at the beginning of the year at a cost of $34,000. The machine is…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Houston’s Shredding Service has just completed a minor repair on a shredding machine. The repair…

A: INTRODUCTION: Depreciation is the deliberate, progressive decline in the reported value of an asset…

Q: The following allotment and NCA were received by Agency LMN from DBM: P10 million for capital…

A: Allotment and NCA Received by Agency LMN Capital Outlay   10,000,000.00 Maintenance and…

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in…

A: Solution:- Calculation of the cost of land reported on the balance sheet as follows:-

Q: A company purchased a three-acre tract of land for a building site for $380,000. On the land was a…

A: The balance sheet represents the financial position of the business with assets, liabilities and…

Q: Morrell Corporation sold a computer at the end of its useful life for $300. The computer had an…

A:

Q: Cala Manufacturing purchases land for $337,000 as part of its plans to build a new plant. The…

A: Journal entry is the primary reporting of transactions in the books of accounts. These are further…

Q: Murphy Fumiture purchased land, paying $60,000 cash and signing a $290,000 note payable. In…

A: Cost of land = Cash paid + Note payable issued + Property tax + Title insurance + Level of land

Q: Dlaz Company owns a machine that cost $126,300 and has accumulated depreciation of $94,400. Prepare…

A: Gain (loss) on sale of Machinery = Sales value - Net book value of the Machinery where, Net book…

Q: Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The…

A: Cost of the equipment Less it's Accumulated depreciation is the book value And the book value minus…

Q: Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $840,…

A: A financial metric called book value depicts an asset's value as it shows up on the balance sheet of…

Q: ALPHA Company purchased equipment on 1/1/N with an invoice price of $80,000. Purchase taxes $16,000.…

A: Depreciation may be defined as that type of expense which occurs due to decrease in the value of…

Q: A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000.…

A: Equipment stolen of $ 3000.  Loss= $ 2000-$1000 = $1000

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $37,000 in…

A: Cost of land is the value that is incurred to acquire or make the asset ready to use. It includes…

Q: Mariorie Com an ations at the heginning of the current vear The following cos

A: Land and building both are fixed assets.  Land has no…

Q: ala Manufacturing purchases land for 1,000 as part of its plans to build a new plant. The company…

A: The journal entries are prepared to keep the record of transactions on regular basis. The cost…

Q: Sellem, Inc. is disposing of office furniture it has had for 2 ½ years. The cost of the furniture…

A: Refer step1 & step2 for complete understanding

Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2,…

A: The depreciation expense is charged on the fixed assets as reduction in the value of the fixed…

Q: Hardev

A: Cullumber's decision to replace a portion of its factory floor prompts several accounting…

Q: iaz Company owns a machine that cost $250,000 and has accumulated depreciation of 182,000. Prepare…

A: The four journal entries provided are related to the disposal of a machine by Diaz Company. The…

Q: Cala Manufacturing purchases land for $301,000 as part of its plans to build a new plant. The…

A: The  cost of assets should include the additional costs incurred to bring the asset to the usage.…

Q: deductible loss from permanent retirement?

A: Deductible loss = Cost - Accumulated depreciation - Salvage value

Q: Sequoia (S Corporation) purchased the rights to cut timber on several tracts of land over a 15-year…

A: The objective of the question is to calculate the depletion deduction for the current year using the…

Q: Allerton & Company purchased a motor vehicle for $50,000. Maintenance of the motor vehicle cost…

A: Capitalized costs are costs that are recorded as an asset rather than an expense. These costs are…

Q: TTG Landscaping purchased a dump truck for $150,000. In addition, they spent $12,000 in sales tax,…

A: Journal entry is recorded by the business to record event and transaction occurred during particular…

Q: Tamarisk Corporation donates equipment and a truck to the community Home Assistance Centre. The…

A: A journal entry is a method used in accounting to record financial transactions. It is the first…

Q: Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the…

A: Depletion refers to an accrual accounting method used to determine the expense of extracting natural…

Q: Allerton & Company purchased a motor vehicle for $50,000. Maintenance of the motor vehicle cost…

A: The fixed assets are the assets which are used by business for long run. The costs incurred till the…

Q: Belvidere Inc. purchased land, paying $150,000 cash as a down payment and signing a $165,000 note…

A: The cost of an asset includes not only its purchase price but also any additional costs directly…

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $42,000 in…

A: The cost of a capital asset includes the purchase cost of the asset and any other costs incurred to…

Q: Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The…

A: Cost of the equipment Less it's  total Accumulated depreciation will results  in book value And the…

Q: Ayer Industries, Inc., purchased land, paying $95,000 cash as a down payment and signing a $170,000…

A: Land cost includes   Purchase price (includes price paid for any old existing building that is to…

Q: Rory City traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old…

A: Fixed assets are those assets which have some future economic benefits in business, can be…

Q: A company acquired equipment that cost $12,000 by paying $1,000 cash and obtaining a loan of…

A: Annual Depreciation = Total Cost of Asset - Salvage ValueUseful life

Q: Crane Corp. purchased land as a factory site for $280000. They paid $12200 to tear down two…

A: Cost of land includes all the direct related cost for acquisition and preparation for the intended…

Q: New Morning Bakery is in the process of closing its operations. It sold Its two-year-old bakery…

A: Given, Cost of ovens  $ 910,000Estimated residual value $ 60,000Estimated service life  10…

Q: Cala Manufacturing purchases land for $297,000 as part of its plans to build a new plant. The…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: 14. A company purchased a 10 - ton draw press at a cost of $187,000 with terms of 2/15, n 45.…

A: Cost of an asset is the amount paid for an asset and for expenses incurred in putting the asset in…

Q: Bill’s Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $990,…

A: The objective of the question is to calculate the book value of the tow truck and the building after…