FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land $309,520 Buildings—Structure 882,660 Leasehold Improvements 704,970 Equipment 844,620 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2. Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees $37,550 Architectural design fees…arrow_forwardAccounting Prepare all necessary journal entries for 2020, 2021, and 2022 related to each of the following scenarics: Astrom Ltd. purchased a piece of equipment on January 1, 2020, for $49.200. At the time, management determined that the equipment would have a 4-year useful life and a residual value of $4,800. Astrom uses the straight-line depreciation method for its equipment, and the company has a December 31 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Date Account Titles and Explanation Debit Credit Astrom Ltd. purchased a piece of equipment on January 1, 2020, for $49,200. At the time, management determined that the equipment would have a 4-year useful life and a residual value of $4,800. Astrom uses the double-diminishing-balance depreciation method for its equipment, and the company has a December 31 year end. (Credit…arrow_forwardA company purchased equipment for $70,000 on January 1, 2022. The equipmtment is expected to have a five-year service life, with a residiual value of $15,000 at the end of five years. Using the straight line method, depreciation expense for 2023 and the book value at December 31, 2023 would be: $______ and $__________arrow_forward
- Sheridan Company purchased a new plant asset on April 1, 2025, at a cost of $732,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Sheridan' accounting period is the calendar year.arrow_forwardBased upon the provided information, how would I be able to calculate the Amortization of prior service costs and expected return on the plan assets? Additionally, would you be able to please help me understand what formula to use in these two calculations and why you use those. Thank you!arrow_forwardPrepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2027.arrow_forward
- Each property had an estimated useful life of 50 years. The accounting policy is to use the fair value model for investment properties. What is the carrying value of the investment properties that should be presented in the 2020 statement of financial position?arrow_forwardPlease help solvearrow_forwardSadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company Mold this land for RO 1000,000. In addition, the company purchased a bulding for RO SO000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position atarrow_forward
- How do you prepare the depreciation for the year 2026?arrow_forwardFor the following questions calculate the depreciation expense as noted in the space provided. Show detail in your answer so that the depreciation for 2019 and 2024 is clearly identified. Show detail in your answer. Rod paid $1,950,000 for a new warehouse on April 14, 2019. He sold the warehouse on September 29, 2024. Determine the cost recovery deduction for 2019 and 2024.arrow_forwardUse the following information to answer the next two questions. Franco Company uses IFRS and owns property, plant and equipment with a historical cost of 5,000,000 euros. At December 31, 2019, the company reported a valuation reserve of 8,565,000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5,525,000 euros. 18) The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at a) 5,000,000 euros. b) 5,525,000 euros. c) 8,565,000 euros. d) 9,090,000 euros 19) The valuation reserve at December 31, 2020 will be reported at a) 8,040,000 euros on the Statement of Stockholders' Equity. b) 8,565,000 euros in the Assets section of the Statement of Financial Position c) 9,090,000 euros in the equity section of the Statement of Financial Position. d) 525,000 euros on the Income Statement.arrow_forward
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