=t of $37,000 n sales price in cost of the boat.
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- Ronson recently purchased a new boat to help ship product overseas. The following information is related to that purchase: purchase price $4,500,000 cost to bring boat to production facility $15,000 yearly insurance cost $12,000 pays annual maintenance cost of $22,000 received a 10% discount on sales price Determine the acquisition cost of the boat and record the journal entry needed.Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related to that purchase: Purchase price $4,100,000 Cost to bring boat to production facility $29,000 Yearly insurance cost $29,000 Annual maintenance cost of $40,000 Received 6% discount on sales price A. Determine the acquisition cost of the boat. $? B. Record the journal entry needed. If an amount box does not require an entry, leave it blank.Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related to that purchase: Purchase price $840,000 Cost to bring boat to production facility $25,000 Yearly insurance cost $3,600 ·Annual maintenance cost of $12,000 Cost to make the boat handicap accessible $9,000 Received 8% discount on sales price Determine the acquisition cost of the boat, and record the journal entry needed.
- Santa Rosa recentiy purchased a new boat to help ship product overseas. The following information is related to that purchase: Purchase price $4,100,000 Cost to bring boat to production facility $29,000 Yearly insurance cost $29,000 Annual maintenance cost of $40,000 Received 6% discount on sales price A. Determine the acquisition cost of the boat. $ 4,375,000 X Feedback Check My Work Remember that any costs incurred in the process of acquiring an asset and making it ready for its intended use can be capitalized as part of the value of the asset. Any other costs that maintain the asset during its use are standard expenses (not capitalized). B. Record the journal entry needed. If an amount box does not require an entry, leave it blank. Вoat 4,375,000 X Cash 4,375,000 XSanta Rosa recently purchased a new boat to help ship product overseas. The followinginformation is related to that purchase:• Purchase price $4,500,000• Cost to bring boat to production facility $25,000• Yearly insurance cost $25,000• Annual maintenance cost of $30,000• Received 8% discount on sales priceDetermine the acquisition cost of the boat, and record the journal entry needed.Speed-ee Delivery is purchasing a new truck for its fleet. It pays the following costs at the time of the purchase. Cost Amount Purchase Price $ 60,000 Title Fees 1,800 Sales Tax 4,200 Insurance for the 1st year 3,000 What is the amount that Speed-ee Delivery will record as an Equipment asset for the purchase of the truck?
- Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $96,500. The PPE subledger shows the following information regarding the boat: Component Fibreglass body Motor View transaction list Required: 1. Record the appropriate entries regarding the a. Purchase of the replacement motor on June 27, 2020. Fishing Boat 22 Foot With Inboard Motor: Deprec. Method SL SL 1 Date of Purchase Apr. 9/12 Apr. 9/12 On June 27, 2020, $71,000 cash was paid for a new motor to replace the old one, which was scrapped. The new motor had an estimated useful life of 12 years and a residual value of $5,000. Early in 2020, it was determined that the useful life of the boat's fibreglass body should be adjusted to a total of 20 years with no change in the residual value. Journal entry worksheet 2 Date June 27, 2020 Note: Enter debits before credits. Est. Cost Residual $6,000 -0- Record to update depreciation in 2020 regarding motor being replaced. $31,500 65,000…Now it's your turn. Complete the next three Plant Asset Records and Cash Receipt Journals Questions? Contact your instructor! Practice #1: The business sold this asset on June 28, 2016. The disposal amount received was $750.00. Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided. The journal page is 20 and the source document for the disposal transaction is Receipt 12. w|N|-| Date Bought Date PLANT ASSET RECORD No. YEAR 2011 2012 2013 2014 2015 2016 Description Display Case Disposed of: July 1, 2011 Estimated Useful Life 5 years DATE Annual Depreciation Expense $375.00 $750.00 $750.00 $750.00 $750.00 $375.00 92 Discarded Estimated Salvage Value Serial # Y458725PP ACCOUNT TITLE $750.00 Sold Accumulated Depreciation $375.00 $1,125.00 $1,875.00 $2,625.00 $3,375.00 $3,750.00 General Ledger Account No. 1160 POST DOC NO. REF. G/L Account Store Equipment CASH RECEIPTS JOURNAL Disposal Amount Original Cost $4,500.00…Delibird company has recently purchased a computer system for its office. The following information was gathered in relation to the acquisition of the units List price 152,000 Trade discounts and rebates taken 56,000 installation and assembly cost 3,200 initial delivery and handling cost 6,400 purchase discount 2% what is the acquisition cost of the new computer?
- XY Company has recently purchased a computer system for its office. The following information was gathered in relation to the acquisition of the unit: List Price 152,000Trade discounts and rebates taken 56,000Installation and assembly cost 3,200 Initial delivery and handling cost 6,400Purchase Discount 2% What is the acquisition cost of the new computer?Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment The equipment, including sales tax, was purchased on open account with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $50,000 2,700 750 958 1,500 2 Record the purchase of equipment.European University of Lefke has an old bus that originally cost $20000 and has an accumulated depreciation of $17000. EUL trades in this old bus for a new one with a fair market value of $26000. The bus dealership grants EUL a trade-in allowance of $2000 for the old bus and EUL pays the remaining $24000 cost of the new bus in cash. Calculations: Date Debit Credit Db Cr