The December 31st, 2020 cash balance was $324,800. The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the land at $1,000,000, the building at $400,000 and the parking lot at $100,000. In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life. Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq. kms of useful life was left after 2020. Shortly after the patents were acquired the organization successfully defended the patent in court. This cost the organization $25,000. Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000. Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which read Rissot soon after its purchase.
The December 31st, 2020 cash balance was $324,800. The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the land at $1,000,000, the building at $400,000 and the parking lot at $100,000. In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life. Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq. kms of useful life was left after 2020. Shortly after the patents were acquired the organization successfully defended the patent in court. This cost the organization $25,000. Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000. Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which read Rissot soon after its purchase.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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can you please tell me using this information in the photo what the "asset type" would be for the year 2020
Transcribed Image Text:The December 31st, 2020 cash balance was $324,800.
The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the land
at $1,000,000, the building at $400,000 and the parking lot at $100,000.
In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.
Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.
kms of useful life was left after 2020.
Shortly after the patents were acquired the organization successfully defended the patent in court. This
cost the organization $25,000.
Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.
Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which read
Rissot soon after its purchase.
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