Charlie Company acquired an adjacent plot to construct a new warehouse paying $301000 in cash. Attorney's fees paid were $1500, previous property taxes assumed were $13000. The company also paid $50,000 architect's fees for the construction of the new warehouse. Determine the cost of the land to be reported on the balance Sheet. 2. Merchandise with an invoice price of $6900 is purchased with terms of 1/10, n/30, FOB Destination. Transportation costs of $130 was paid by the appropriate party. What is the total amount of cash paid by the purchaser to acquire the merchandise in this scenario if payment is made within the discount period? 3. A generator machine was purchased on July 1, 2018 with a cost of $147000 and estimated salvage value of $7000, the generator mac

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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1. Charlie Company acquired an adjacent plot to construct a new warehouse paying $301000 in cash. Attorney's fees paid were $1500, previous property taxes assumed were $13000. The company also paid $50,000 architect's fees for the construction of the new warehouse. Determine the cost of the land to be reported on the balance Sheet.

2. Merchandise with an invoice price of $6900 is purchased with terms of 1/10, n/30, FOB Destination. Transportation costs of $130 was paid by the appropriate party. What is the total amount of cash paid by the purchaser to acquire the merchandise in this scenario if payment is made within the discount period?

3. A generator machine was purchased on July 1, 2018 with a cost of $147000 and estimated salvage value of $7000, the generator machine is expected to have a useful operating life of 78000 hours. The machine will be used for routine work and is expected to be used for 3100 hours for 2018 and it is expected that for the year 2019 it will be driven twice as much as that of 2018. The machine is depreciated using the units of activity method.

Based on the information above what will be the annual depreciation expense for the year 2019?

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