Record each of the transactional and adjusting entries for Jade Inc. Please write the journal entries onthe lines below. You may round numbers to the nearest dollar.a. On October 12, the company gives up equipment that originally cost $329,600 that hadaccumulated depreciation of $241,200 in exchange for receiving cash of $22,000 and land with afair value of $53,900. This exchange lacks commercial substance.b. On November 30, the company pays $510,000 for construction expenditures on a building thatis being constructed and qualifies for interest capitalization.C.DateOn December 31, the company records the adjusting entry for the year's accretion for the "firstyear of use" on its ore deposit. Assume the ore deposit was acquired on January 1 of the currentyear where its closure costs will be $728,000 after 5 years of use (or $544,005 of present valueon January 1 assuming a 6% interest discount rate).Oct. 12AccountDebitCreditNov. 30Dec. 31

Here's the breakdown of how to compute and record the journal entries for Jade Inc.:a. Equipment and…

Answered: Record each of the transactional and…

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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