Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue. Type of costs: The cost of plant assets includes the following costs: Purchase price of plant assets Attorney fees Real estate agent commission Title Recording fees Legal fees Architect fees Building construction costs Interest costs related to the construction Sale of salvaged materials Additional expenses : Clearing Filling and leveling of land Removing of old buildings the cost of each asset: land, land improvement, building, and furniture.

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Answer 1

Question

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

To determine

To Record: the journal entry for the partial year depreciation for building.

To determine

To Record: the journal entry for the partial year depreciation for furniture.

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Answer 2

Question

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

To determine

To Record: the journal entry for the partial year depreciation for building.

To determine

To Record: the journal entry for the partial year depreciation for furniture.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

To determine

To Record: the journal entry for the partial year depreciation for building.

To determine

To Record: the journal entry for the partial year depreciation for furniture.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

To determine

To Record: the journal entry for the partial year depreciation for building.

To determine

To Record: the journal entry for the partial year depreciation for furniture.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

To determine

To Record: the journal entry for the partial year depreciation for building.

To determine

To Record: the journal entry for the partial year depreciation for furniture.

Answer 6

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

Answer 7

Chapter 9, Problem 9.30AP

1.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year that is, acquired by a company to be used in its business activities, for generating revenue.

Type of costs: The cost of plant assets includes the following costs:

Purchase price of plant assets

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removing of old buildings

the cost of each asset: land, land improvement, building, and furniture.

Answer 8

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

Answer 9

2.

To determine

To Record: the journal entry for the partial year depreciation for land improvements.

Answer 10

To determine

To Record: the journal entry for the partial year depreciation for building.

Answer 11

To determine

To Record: the journal entry for the partial year depreciation for building.

Answer 12

To determine

To Record: the journal entry for the partial year depreciation for furniture.

Answer 13

To determine

To Record: the journal entry for the partial year depreciation for furniture.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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To Record: the journal entry for the partial year depreciation for land improvements.

To Record: the journal entry for the partial year depreciation for building.

To Record: the journal entry for the partial year depreciation for furniture.

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