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: I want answer to the below question

A: Step 1:Step 2:Additional comment: dear remeber depreciation is the cost that will be subtracted from…

Q: I want answer for all

A: Step 1We can compute the gain on disposal of the machine as follows:Gain on disposal of machine =…

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

A:

Q: Wildhorse Inc. recently replaced a piece of automatic equipment at a net price of $5,360, f.o.b.…

A: Journal entry are the first time recording of all the transactions or events in the book with the…

Q: On August 30, Lhasa Manufacturing Company decided to sell one of its fabricating machines, which was…

A: Disposal of the machine is when the old machine sells for the cash which is to be recorded in gain…

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: repare the general journal entry to record the transaction to replace the equipment that was…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

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: Diaz Company owns a machine that cost $125,100 and has accumulated depreciation of $90,600. Prepare…

A: Formulas: Gain (Loss) on the sale of the assets = Sale value of the assets - Net book value of the…

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: 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: On January​ 1, 2018​, Absolutely Bar​ & Grill purchased a​ building, paying $57,000 cash and signing…

A:

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: 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: Diaz Company owns a machine that cost $126,500 and has accumulated depreciation of $92,000. Prepare…

A: Journal entries describe how transactions influence accounts and balances and serve as a simple…

Q: Diaz Company owns a milling machine that cost $125,200 and has accumulated depreciation of $90,700.…

A: Carrying Amount of Asset = cost - Accumulated Depreciation Gain/Loss on Sales = Sale Price -…

Q: Ron Swanson owns Swanson’s Woodcraft Connection, a store dedicated to woodworking tools, supplies,…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the…

A: The question is based on the concept of Financial Accounting.

Q: Question 1: Prepare a condensed income statement including proper presentation of the discontinued…

A: The income statement can be defined as the most important financial statement being prepared at the…

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…

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

A: Depletion expense refers to the amount representing the portion of the cost of natural resources…

Q: 1) Rocky Mountain Water Corporation paid $270,000 to purchase equipment for use in its manufacturing…

A: Equipment is the non-current asset that is used by the entities for the purpose of running the…

Q: Northwest Delivery Company acquired an adjacent lot to construct a new warehouse, paying $75,000 and…

A: Amount paid for the construction of new warehouse will not be part of the cost of the land.

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in…

A: The objective of the question is to determine the cost of the land to be reported on the balance…

Q: On March 1, 2021, Sage Hill Company acquired real estate on which it planned to construct a small…

A: Architects  and driveways and a parking lot are not part of cost of land.