Bill’s Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $990, and the book value prior to the repair was $5,330. In addition, the company spent $6,500 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $90,100 and related Accumulated Depreciation account at $37,400.After the work was completed, what book value should appear on the balance sheet for the tow truck and the building?

As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,250 cash. The shelves originally cost $8,200 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $700.

A company purchased a 10-ton draw press at a cost of $181,000 with terms of 215/,n45./215,n45. Payment was made within the discount period. Shipping costs were $4,200, which included $230 for insurance in transit. Installation costs totaled $11,300, which included $4,800 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the 10-ton draw press is:

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Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $760, and the book value prior to the repair was $4,500. In addition, the company spent $6,500 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $94,000 and related Accumulated Depreciation account at $41,500. Required After the work was completed, what book value should appear on the balance sheet for the tow truck and the building? Tow Truck Building Book Value

On January​ 1, 2018​, Monster Bar​ & Grill purchased a​ building, paying $55,000 cash and signing a $107,000 note payable. The company paid another $61,000 to remodel the building. Furniture and fixtures cost $53,000​, and dishes and supplies—a current asset—were obtained for $8,700. All expenditures were for cash. Assume that all of these expenditures occurred on January​ 1, 2018.   depreciation information: Monster is depreciating the building over 25 years using the​ straight-line method, with estimated residual value of $59,000. The furniture and fixtures will be replaced at the end of five years and are being depreciated using the​double-declining-balance method, with a residual value of zero. At the end of the first​ year, the company still had dishes and supplies worth $1,500.       Show what the company will report for​ supplies, plant​ assets, and cash flows at the end of the first year on its income​ statement, balance​ sheet, and statement of cash flows.   Begin with…

Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 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 $23,500 cash and (b) it is sold for $94,000 cash.

Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 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. Problem 10-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of the used machine for $20,000 cash. Note: Enter debits before credits. Date December 31 General Journal Debit Credit

ramirez company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. During its second year, the machine produces 34,100 units of product. Determine the machine's second-year depreciation using the units-of-production method

Murphy Self Storage purchased land, paying $160,000 cash as a down payment and signing a $185,000 note payable for the balance. Murphy also had to pay delinquent property tax of $2,000, title insurance costing $6,000, and $11,000 to level the land and remove an unwanted building. The company paid $58,000 to add soil for the foundation and then constructed an office building at a cost of $700,000. It also paid $52,000 for a fence around the property, $11,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds. Read the requirement. The cost of the land is The cost of the land improvements is The cost of the building is Requirement 1. What is the capitalized cost of each of Murphy's land, land improvements, and building? Print Done - X