During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.Answer this question
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During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.Answer this question
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- Cole Co. began constructing a building for its own use in January 2016. During 2016, Cole incurred interest of $50,000 on specific construction debt, and $20,000 on other borrowings. Interest computed on the weighted-average amount of accumulated expenditures for the building during 2016 was $40,000. What amount of interest should Cole capitalize? a. $20,000 b. $40,000 c. $50,000 d. $70,000Kobe Company began constructing a building for its own use in February 2017. During 2017, Kobe incurred interest of $70,000 on specific construction debt and $15,000 on other borrowings. Interest computed on the weighted-average amount of accumulated expenditures for the building during 2017 was $60,000. Required: What amount of interest should Kobe capitalize? Prepare the journal entry to record payment of the interest. If interest computed on the weighted-average amount of accumulated expenditures for the building during 2017 was instead $90,000, what amount of interest should Kobe capitalize?Please help me with show all calculation thanku
- On December 31, 2015, Bit Co. had capitalized costs for a new computer software product with an economic life of five years. Sales for 2016 were 30 percent of expected total sales of the software. At December 31, 2016, the software had a fair value equal to 90 percent of the capitalized cost. What percentage of the original capitalized cost should be reported as the net amount in Bit’s December 31, 2016, balance sheet? a. 70% b. 72% c. 80% d. 90%On January 1, 2017. Agronomist Inc. had a balance of $340,000 in the long-term investments account. During 2017, Agronomist Inc. sold long-term investments for $115,000 cash, resulting in a $13,000 gain. On December 31, 2013, the long-term investments account showed a balance of $380,000. The long-term investments purchased during 2013 totalled: a) $75,000 b) $155,000 c) $142,000 d) $265,000I want to answer this question
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