Q1: Sample Problem (SP-1) shows a DEBIT to Equipment of $20,000. Assuming everything held the same, EXCEPT for an additional expenditure of $3,000 made to install the build a platform to get the asset ready for operation. What would be the new Journal Entry (JE)? Q2: SP-2 shows LAND at 30,000 and Equipment at 20,000. Suppose that the appraisal of the Land and Equipment had not been 27, 600 and 18, 400, respectively, but rather 28, 600 and 17,400*. What would be the new Journal Entry (JE)? * round to the nearest 100% (2 decimal places).

Q1: Sample Problem (SP-1) shows a DEBIT to Equipment of $20,000. Assuming everything held the same, EXCEPT for an additional expenditure of $3,000 made to install the build a platform to get the asset ready for operation. What would be the new Journal Entry (JE)? Q2: SP-2 shows LAND at 30,000 and Equipment at 20,000. Suppose that the appraisal of the Land and Equipment had not been 27, 600 and 18, 400, respectively, but rather 28, 600 and 17,400. What would be the new Journal Entry (JE)? round to the nearest 100% (2 decimal places).

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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