Granite Company purchased a machine costing $121,000, terms 2/10, n/30. The machine was shipped FOB shipping point and freight charges were $2,100. The machine requires special mounting and wiring connections costing $10,100. When installing the machine, $1,600 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $302,000. Legal fees paid were $1,580, delinquent taxes assumed were $15,200, and fees paid to remove an old building from the land were $19,100. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,015,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.fill in the blank 1 of 1$

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:

Champion Contractors completed the following transactions Involving equipment. Year 1 January 1 Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader costs are recorded in the Equipment account. January 3 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,400. December 31 Recorded annual straight-line depreciation on the loader. Year 2 January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $820 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry…

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VISTA Shop purchased the following used equipment at a special auction sale for $400,000 cash; a drill press, a lathe, and a heavy duty air compressor. The equipment was in excellent condition except for the electric motor on the lathe, which will cost $9,000 to replace with a new motor, Heavy was determined that the selling price for the used items in local outlets are approximately as follows: Drill press- $84,000  Lathe, with a good motor- $240,000 Air Compressor - $105,000. How much is the allocated cost of lathe?

Fischer Construction purchased a used front-end loader for $42,000, terms 1/10, n/30, F.O.B. shipping point, freight collect.Fischer paid the freight charges of $405. One week after the machine was delivered, a check for $41,580 was sent to the seller.The loader required a new battery, which cost Fischer $225. Fischer also spent $360 to have the company name printedon the loader and $563 for one year’s insurance coverage on it. Fischer hired a new employee to operate it at a wage of $19 per hour;the employee spent one morning (four hours) practicing with the machine and went to work at a construction site that afternoon.Calculate the amount at which the front-end loader should be reported on the company’s balance sheet.

Champion Contractors completed the following transactions involving equipment. Year 1 January 1 Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader costs are recorded in the Equipment account. January 3 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,400. December 31 Recorded annual straight-line depreciation on the loader. Year 2 January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $820 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. RE

A manufacturer of aerospace products purchased four flexible assembly cells for ​$530,000 each. Delivery and insurance charges were ​$39,000​, and installation of the cells cost another $50,000. a. Determine the cost basis of the four cells. b. What is the class life of the​ cells? c. What is the MACRS depreciation in year four​? d. If the cells are sold to another company for $150,000 each at the end of year seven​, how much is the recaptured​ depreciation?

Cala Manufacturing purchases land for $459,000 as part of its plans to build a new plant. The company pays $39,800 to tear down an old building on the lot and $58,835 to fill and level the lot. It also pays construction costs of $1,498,000 for the new building and $94,558 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. View transaction list Journal entry worksheet A Record the total costs of the plant assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View genera