Required information [The following information applies to the questions displayed below.] Shahia Company bought a building for $79,000 cash and the land on which it was located for $123,000 cash. The company paid transfer costs of $13,000 ($6,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $27,000. Required: 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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- ! Required information [The following information applies to the questions displayed below.) Shahia Company bought a building for $79,000 cash and the land on which it was located for $110,000 cash. The company paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $30,000. Required: 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction 1 a Building Cash Land Cash Amortization expense Cash Answer is not complete. General Journal 1***** Debit 114,000 Credit 114,000 117,000 × 117,000 12,000 × 12,000! Required information [The following information applies to the questions displayed below.] Shahia Company bought a building for $74,000 cash and the land on which it was located for $108,000 cash. The company paid transfer costs of $15,000 ($7,000 for the building and $8,000 for the land). Renovation costs on the building before it could be used were $15,000. 3. Determine the net book value of the property (land and building) at the end of year 2. Note: Amounts to be deducted should be indicated by a minus sign. Net book value of property at end of Year 2 Building Accumulated depreciation Land Net book value $ 96,000 116,000 $ 212,000Required information [The following information applies to the questions displayed below.] On February 17 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,302,500; $295,000 was allocated to the basis of the land and the remaining $1,007,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. d. Assume the building was purchased and placed in service on February 17 of year 1 and is residential property. Year 1 Depreciation Expense Year 2 Year 3
- Shahia Company bought a building for $88,000 cash and the land on which it was located for $111,000 cash. The company paid transfer costs of $16,000 ($8,000 for the building and $8,000 for the land). Renovation costs on the building before it could be used were $15,000. 8-3 Part 1 equired: Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transaction ere for cash and that all purchases occurred at the start of the year. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 Transaction a Building Land Cash General Journal DHOL S Debit 5 — Credit Next ⒸRequired information [The following information applies to the questions displayed below.] On January 8 of year 1 Javier purchased and placed in service a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,399,500; $322,000 was allocated to the basis of the land and the remaining $1,077,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3? b. What would be the year 3 depreciation deduction if the building was sold on February 26 of year 3? d. Assume the building is residential property. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3?! Required information [The following information applies to the questions displayed below.] On May 17 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,142,000; $342,000 was allocated to the basis of the land and the remaining $800,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What would be the year 3 depreciation deduction if the building was sold on November 22 of year 3? Year 3 depreciation deduction
- Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,500 cash and (b) it is sold for $90,000 cash. View transaction list No 1 2 View journal entry worksheet Date December 31 December 31 General Journal Cash Loss on sale of machinery Accumulated depreciation Machinery Machinery Cash Accumulated depreciation-Machinery Machinery Gain on sale of machinery Debit 22,500 Credit Ⓡ www1 of 3 [The following information applies to the questions displayed below.] Shahia Company bought a building for $79,000 cash and the land on which it was located for $110,000 cash. The company paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $30,000. Required: 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction 1 a Building Cash Land Cash Amortization expense Cash Answer is not complete. General Journal Debit Credit 114,000 114,000 117,000 117,000 12,000 12,000! Required information [The following information applies to the questions displayed below.] ▬▬ On June 12 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,496,000; $496,000 was allocated to the basis of the land and the remaining $1,000,000 was allocated to the basis of the building. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. e. What would be the depreciation for 2023, 2024, and 2025 if the property were nonresidential property purchased and placed in service June 12, 2006 (assume the same original basis)? Year 2023 2024 2025 Depreciation Expense
- ! Required information [The following information applies to the questions displayed below.] Shahia Company bought a building for $82,000 cash and the land on which it was located for $116,000 cash. The company paid transfer costs of $10,000 ($5,000 for the building and $5,000 for the land). Renovation costs on the building before it could be used were $18,000. 2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $12,000 estimated residual value. Straight-line depreciation $ 9,000Required information Skip to question [The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,470,000. Harding paid $735,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $777,000; Building, $2,310,000 and Equipment, $1,533,000. (Round percentages to two decimal places: ie .054 = 5%). What journal entry would be used to record the purchase of the above assets? Multiple Choice Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 4,620,000 Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 735,000 Notes payable 3,885,000 Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 1,735,000 Notes payable 735,000 Gain on purchase of long-term assets 2,150,000 Land 419,900…Required information [The following information applies to the questions displayed below.) At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,700 970 1,110 850 Required: 1. Compute the amount to be capitalized for Machine A Total cost U