Required: 1. Calculate the ROU asset. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) ROU asset $ 51,050 2. Record the initial journal entry at commencement of the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount. Do not round intermediate calculations.)

Required: 1. Calculate the ROU asset. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) ROU asset $ 51,050 2. Record the initial journal entry at commencement of the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount. Do not round intermediate calculations.)

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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Using completed-contract method: Record the journal entries for ACE corporation for 2001, 2002, and 2003 Record the partial balance sheet for 2003 for just the Asset section in a A. В. suitable format ACE Construction Corporation Contract Price: $1,500,000 2001 2002 2003 Costs incurred during the current year Estimated costs to complete at year-end 1,000,000 Progress billings during year Collections on billings during the year $1,350,000 $1,360,000 460,000 575,000 555,000 $1,365,000 300,000 270,000 625,000 675,000
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