Record the depreciation expenses for the year.

Q: Equipment in general governmental service that had been acquired several years ago by a capital…

A: Answer:-  Journal entry meaning:- Journal entry is the record of the business transactions in the…

Q: urchased land costs 2,500,000 and a Bank transfer is made. The cost of excavation of the old…

A:

Q: Wellsley Corporation purchased an old building and the land on which it is located for $70,000. The…

A: The capitalized cost is the cost of fixed assets that is reported in the balance sheet of the…

Q: 000, accumulated depreciation to the contribution date of $37,000, and a fair value of $24,000.

A: Equipment Truck  Total Fair Value-A        46,000        24,000           70,000 Historical…

Q: lighting $7,550; signs, $1,680. List the items and amounts that should be incl

A: In this question, we have to find out the items that are suitable for the land account to find out…

Q: Yani Company purchased land for $115,000 with the intentions of constructing a new operating…

A: Capitalization is an accounting technique where a cost is added to the worth of an asset and…

Q: ABC Inc., purchased a used piece of heavy equipment for $25,000. Delivery of the equipment to…

A: Total Cost of the Asset = Purchase Cost + Delivery Cost + Setup Cost

Q: Taylor Computer Services purchased a tract of land and contracted with a builder to build an office…

A: Cost of land: The cost of land comprises the purchase price (cash plus any notes due), brokerage…

Q: Brady Self Storage purchased land, paying $175,000 cash as a down payment and signing a $160,000…

A: Non-current assets are assets which are held by the company for more than a year. These cannot be…

Q: Mohr Company purchases a machine at the beginning of the year at a cost of $34,000. The machine is…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Bedox during the year purchased a coal mine for 2,000,000. It cost 500,000 to prepare the coal mine…

A: Depletion rate per ton for the coal mine can be computed with the purchase cost where it was…

Q: ad a The Black Limo Company (BLC) purchased a limo on January 1 of Year 1 at a cost of $48,000. The…

A: Depreciation per mile = Depreciation Expense = Actual miles driven in a year x Depreciation per mile

Q: Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $490,000. In addition to the…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: The following allotment and NCA were received by Agency LMN from DBM: P10 million for capital…

A: Allotment and NCA Received by Agency LMN Capital Outlay   10,000,000.00 Maintenance and…

Q: Zeidler Company bought a building and the land on which the building is located for a total cash…

A: Lump sum purchase of assets refers to purchase of more than one asset at a lump sum value. To…

Q: Barney Stinson purchased land and a building for his new men’s clothing store. The price paid was…

A: Historical cost of the building = Total Purchase cost for land and a building x fair value of the…

Q: On January 1, 20X1, the city government of Faraway donated property to Amazing, Inc., in return for…

A: A donation in any form involves a donor, a donee and a transfer of benefit.In the given case, the…

Q: On March 1, 2022, Crane Corporation acquired real estate, on which it planned to construct a small…

A: The company has some assets in the organization to run the business such as land, building, and…

Q: by Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NC at the…

A: Depreciation per year = (Cost - Salvage value)/ Life Depreciation per year = ($22,000 - $1,000) / 5…

Q: Fullerton Waste Management purchased land and a warehouse for $710,000. In addition to the purchase…

A: The capitalized cost of an asset consists of the acquisition cost of the asset and other costs are…

Q: Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The…

A: Cost of the equipment Less it's Accumulated depreciation is the book value And the book value minus…

Q: Fubu Corporation purchased a 5-acre tract of land in New Albany, Ohio for a building site for…

A: Capitalized cost of the land = Purchase price + Demolition costs of old building - Scrap sold +…

Q: Mariorie Com an ations at the heginning of the current vear The following cos

A: Land and building both are fixed assets.  Land has no…

Q: The City of Sanderville donated land to Max Company. The fair value of the land was $100,000. The…

A: Donated assets are the assets given free from one party to another. Although fixed assets, the…

Q: Soccer Wholesale purchased land and a warehouse for one price of $850,000. In addition to the…

A: cost of land = cost of land and warehouse purchased + brokers commission + title insurance +…

Q: Purchased land - $120,000, paid $9,000 to tear down a dilapidated building, paid $15000 to install a…

A: Land: It is generally considered to have unlimited life and it's not depreciated. The land is…

Q: Samtech Manufacturing purchased land and a building for $4 million. In addition to the purchase…

A: Requirement:-1 Calculation of the initial valuation of each asset Samtech acquired in these…

Q: Classify all of the following expenses from a not-for-profit museum from the current year as either…

A: Program expenses: These are directly related to the museum's mission and its educational and…

Q: Sarasota Supply Company, a newly formed corporation, incurred the following expenditures related to…

A: Machinery purchased (subject to 2% cash discount, which was not taken).    For the above…

Q: What total amount should be capitalized as cost of the machine?

A: Original price is the whole charge related to the acquisition of an asset. The authentic price of an…

Q: Tamarisk Corporation donates equipment and a truck to the community Home Assistance Centre. The…

A: A journal entry is a method used in accounting to record financial transactions. It is the first…

Q: Belvidere Inc. purchased land, paying $150,000 cash as a down payment and signing a $165,000 note…

A: The cost of an asset includes not only its purchase price but also any additional costs directly…

Q: The City of Portland gives Data Corporation​ $60,000 cash and land worth​ $100,000 to induce it to…

A: Corporation: A corporation is a form of business entity that is incorporated through the state…

Q: 3. Donated Assets  Brandon's Animal Rescue purchased a green energy system for their animal…

A: Journal entries are records of business transactions of the business with the help of the…

Q: Sanders Corporation acquired a furnished office building on two acres of land for a lump-sum payment…

A: The cost can be allocated on the basis of the following formula = Lumsum amount  / Total fair value…

Q: Larkspur Corporation donates equipment and a truck to the community Home Assistance Centre. The…

A: Cost of the equipment Less it's  total Accumulated depreciation will results  in book value And the…

Q: List the items and amounts that should be included in the Land account.

A: Land is a fixed asset and can be used to generate cash. Land is not depreciated except the quarries…

Q: The company has recieved a donation of land from a rich local philanhropist. the land originally…

A: The donation of an asset is recorded at a value at which it can be sold or purchased in the market.…

Q: Ayer Industries, Inc., purchased land, paying $95,000 cash as a down payment and signing a $170,000…

A: Land cost includes   Purchase price (includes price paid for any old existing building that is to…

Q: The City of Sanderville donated land to Max Company. The fair value of the land was $100,000. The…

A: Donated assets are the assets given free from one party to another. Although fixed assets, the…

Q: Rory City traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old…

A: Fixed assets are those assets which have some future economic benefits in business, can be…

Q: New energy-efficient windows were installed for a total cost of $375,000. The company received a…

A: The net method involves recognizing the grant as a reduction in the cost of the asset.The deferral…

Q: Farley Corporation purchased land adjacent to its plant to improve access for trucks making…

A: Purchase price$70,000Brokers fee$6,000Titles search and other fees$5,000Demolition of old…