Crow Company purchased some of the machinery of Hare Incorporated, a bankrupt competitor, at a liquidation sale for a total cost of $15,000. Crow's cost of moving and installing the machinery totaled $2,400. The following data are available: Iten Punch press Lathe Welder Hare's Net Book Value on the Date of Sale List Price of Same Iten If New Appraiser's Estimate of Fair Value $ 10,530 8,700 2,570 $ 18,000 9,000 4,000 $16,000 6,000 3,030 Required: a. Calculate the amount that should be recorded by Crow Company as the cost of each piece of equipment b. Which of the following alternatives should be used as the depreciable life for Crow Company's depreciation calculation? Complete this question by entering your answers in the tabs below. Required A Required B Calculate the amount that should be recorded by Crow Company as the cost of each piece of equipment. Note: Do not round intermediate calculations. Purchase Price Allocation Punch press Lathe Welder $ 0 Total

Crow Company purchased some of the machinery of Hare Incorporated, a bankrupt competitor, at a liquidation sale for a total cost of $15,000. Crow's cost of moving and installing the machinery totaled $2,400. The following data are available: Iten Punch press Lathe Welder Hare's Net Book Value on the Date of Sale List Price of Same Iten If New Appraiser's Estimate of Fair Value $ 10,530 8,700 2,570 $ 18,000 9,000 4,000 $16,000 6,000 3,030 Required: a. Calculate the amount that should be recorded by Crow Company as the cost of each piece of equipment b. Which of the following alternatives should be used as the depreciable life for Crow Company's depreciation calculation? Complete this question by entering your answers in the tabs below. Required A Required B Calculate the amount that should be recorded by Crow Company as the cost of each piece of equipment. Note: Do not round intermediate calculations. Purchase Price Allocation Punch press Lathe Welder $ 0 Total

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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