N3.Account I only need help on a small problem.1. land & Cash2. 2) gain on sales of machinesCala Manufacturing purchases land for $475,000 as part of its plans to build a new plant. The company pays $39,100 to tear down anold building on the lot and $57,800 to fill and level the lot. It also pays construction costs of $1,427,900 for the new building and$90,133 for lighting and paving a parking area.Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.ANoNo123Transaction13. Diaz sold the machine for $35,500 cash.4. Diaz sold the machine for $41,600 cash.4Show Transcribed Textdisposal of the machine on January 1 in each separate situation.1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.2. Diaz sold the machine for $16,100 cash.DateJanuary 01January 01LandBuildingLand improvementsCashJanuary 01January 01Answer is not complete.General JournalCh 8 Q 1 &7Answer is not complete.General JournalAccumulated depreciation-MachineLoss on disposal of machineMachineCashAccumulated depreciation-MachineLoss on sale of machineMachineCashAccumulated depreciation-MachineMachineCashAccumulated depreciation-MachineGain on sale of machineMachineShow Transcribed Text♥✔✓✓333›› › ›1,427,90090,133✓✓✔›››♥✔Debit578,000 x› › › ›✔Debit91,30035,50016,100✔91,30019,400✔35,50091,300✔✔ 41,600✔♥ 91,300Credit0xCredit126,800✔126,800126,800✔126,800

(1) Amount to be Capitalized as "Land" will include the following items- Purchase Price of Land All…

Cala Manufacturing purchases land for $475,000 as part of its plans to build a new plant. The company pays $39,100 to tear down an old building on the lot and $57,800 to fill and level the lot. It also pays construction costs of $1,427,900 for the new building and $90,133 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

Cala Manufacturing purchases land for $475,000 as part of its plans to build a new plant. The company pays $39,100 to tear down an old building on the lot and $57,800 to fill and level the lot. It also pays construction costs of $1,427,900 for the new building and $90,133 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 46P

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