Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?
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Please solve 1 and 2 based on the data given.
As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179
- Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources?
- What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?
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- CengageNOWv2 |Online teachin X * CengageNOWv2 | Online teachin x+ ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogre... * еВook Show Me How Staley Inc. reported the following data: Net income $406,700 Depreciation expense 60,700 Loss on disposal of equipment 39,500 Increase in accounts receivable 26,800 Increase in accounts payable 11,100 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use t out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 406,700 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 60,700 Loss on disposal of equipment 39,500 Changes in current operating assets and liabilities: Increase in accounts receivable 26,800 x Increase in accounts payable 11,100 Net cash flow from operating activities 491,200…* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5Saved Help Save & EX Assignment O Check Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $314,000. The machine is expected to last five years and have a salvage value of $57,000. Exercise 8-12 (Algo) Double-declining-balance, partial-year depreciation LO C2 55 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. (Enter all amounts as positive values.) Depreciation for the Period End of Period Annual Period Beginning of Depreciation Period Book Partial Year Depreciation Accumulated Expense Book Value Rate Depreciation Value nces Year 1 Year 2 ere to search 77°F A a hp 40 144 41 20 prt sc delete 1 & 5 8. R. Y. H. pause
- heducation.com/ext/map/ Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] Land Land improvements The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation $ Building Equipment Automobiles Plant Asset $ 480,000 245,000 2,150,000 1,184,000 215,000 58,000 363,000 418,000 125,000 group/ Required: Prepare a schedule analyzing the changes in each of the plant assets during 2021. PELL CORPORATION Puy9jalEEUNqiD5pfW-TaJ519tUvJobFf7 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight. Installation costs of $40,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2021,…SISFims mheducatio Maps Traducir Sp eSantaFe Iriciar s Sistema TAI TB MC Qu. 7-56 A company Incurred the following costs associated with the... A company incurred the following costs associated with the purchase of a piece of land that it will use to r Purchase price of the land Sale of salvaged parts already on 1and Demolition of the old building $590,000 $ 20,000 $ 33,000 Ground-breaking ceremony (food and supplies) Land preparation and leveling 1,800 %$4 8,100 $4 What amount should be recorded for the purchase of the land? Multiple Choice $631100.Problem 8-17 On mslday Problem 29-9 (PHILCPA Adapted) following information related to the land and building: 50,000,000 450,000,000 in E 75,000,000 Land Building Accumulated depreciation-building for building. On June 30, 2020 the land and building were revalued Replacement cost Sound value 65,000,000 480,000,000 Land w biendie Building 65,000,000 600,000,000 1. What is the revaluation surplus on June 30, 2020? salbling a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000 00 2. What is the depreciation of the building for 2020? a. 30,000,000 (6. 35,000,000 le. 40,000,000 d. 32,000,000 3. What is the revaluation surplus on December 31, 2020? (6. 130,000,000 e 123,750,000 d. 115,000,000 et sedW 000,001119- 000008.01 854
- d = ces Problem 6-22A (Algo) Accounting for acquisition of assets, including a basket purchase LO 6-1 Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $41,100; terms: 2/10, n/30; paid within the discount period. 2. Transportation-In: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $624. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copler, Computer, and Scanner for $53,500 with Fair Market Values 1. Copier, $26,445. 2. Computer, $9,030. 3. Scanner, $29,025. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $82,400. 2. Demolition of building, $5,410. 3. Lumber sold from old building, $2,210. 4. Grading in preparation for new building, $9,500. 5. Construction of new building, $217,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office…Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $261,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $30,000. Exercise 8-7 (Algo) Straight-line depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Choose Numerator: Year Year 1 Year 2 Year 3 Year 4 Total Straight-Line Depreciation Choose Denominator: Annual Depreciation = = Annual Depreciation Expense Depreciation expense Year-End Book Value! Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 2 > Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry…
- Need a T graph : Sale of Building Building Asset: 555,047.06Accumulated Depreciation: 121,507.21Sale Cash $300,000 however you only recieve 295,446.97 because the lawyer took 4,553.03Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvementsGiven the following information, calculte the average percentage depreciation per year in this market: Sale 1 Sale 2 Sale 3 143 Golden road Dr. 201 Jasmine Dr. 831 E. 13th St. Address Net sale price (After adjustments) Estimated land value Site improvements value 505,000 160,000 545,000 525,000 135,000 160,000 15,000 13,000 15,600 395,000 Reproduction Cost Actual Age O 2.83% 495,000 404,000 8 6. 1.30% 2.62% O There is no enough information