Pitney Co. purchased an office building, land, and furniture for $650,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $145,600 218,400 364,000 $728,000 a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Furniture Total Allocated Cost

Pitney Co. purchased an office building, land, and furniture for $650,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $145,600 218,400 364,000 $728,000 a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Furniture Total Allocated Cost

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 60P

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A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >
The accountant has started the PPE and Depreciation Schedule for the year ended September 30, 2023. At Island Solutions, the depreciation policy is to apply one month’s ownership, one month’s depreciation. Your team was provided with the following information. • Land and Building were acquired for $800 000 in a lump sum purchase. At the time of acquisition, the appraised values of the land and building were $90 000 and $810 000 respectively . • Equipment with an appraised value and residual value of $40 000 and $3 000 respectively was received by the company as a donation. • Machinery costing $182 900 inclusive of $600 installation expense and $14 900 normal repair and maintenance cost, and with a $6 000 estimated salvage value was sold on February 1, 2023. 1. Explain three (3) similarities and two (2) differences between IFRS and US GAAP with respect to accounting for property, plant and equipment. 2. Complete the PPE and Depreciation Schedule below by providing the values for [a] –…
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The accountant has started the PPE and Depreciation Schedule for the year ended September 30, 2004. At Island Solutions, the depreciation policy is to apply one month’s ownership, one month’s depreciation. Your team was provided with the following information. • Land and Building were acquired for $800 000 in a lump sum purchase. At the time of acquisition, the appraised values of the land and building were $90 000 and $810 000 respectively . • Equipment with an appraised value and residual value of $40 000 and $3 000 respectively was received by the company as a donation. • Machinery costing $182 900 inclusive of $600 installation expense and $14 900 normal repair and maintenance cost, and with a $6 000 estimated salvage value was sold on February 1, 2004. 1. Explain three (3) similarities and two (2) differences between IFRS and US GAAP with respect to accounting for property, plant and equipment. 2. Complete the PPE and Depreciation Schedule below by providing the…
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