Journalize each of the following transactions: (use correct journal format - no dates) (a) A wing costing $2,345,000 was added to the building. A new mortgage was issued for the (b) cost. Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment...

Journalize each of the following transactions: (use correct journal format - no dates) (a) A wing costing $2,345,000 was added to the building. A new mortgage was issued for the (b) cost. Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment...

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4PA: During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...

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Jada Company had the following transactions during the year: • Purchased a machine for $500,000 using a long-term note to finance it • Paid $1,000 for ordinary repair • Purchased a patent for $42,000 cash • Paid $210,000 cash for addition to an existing building • Paid $55,000 for monthly salaries • Paid $300 for routine maintenance on equipment • Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year? Capitalized $4 Expensed
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Journalize each of the following transactions: (use correct joural format - no dates) (a) A wing costing $2,345,000 was added to the building A new mortgage was issued for the cost. (b) Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. (c) A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment..