Laramie Company has acquired a property that included both land and a building for $600,000. The company hired an appraiser who has determined that the market value of the land is $370,000 and that of the building is $400,000. At what amount should the company record the cost of the​ building? (Round any intermediate calculations to two decimal places and your final answer to the nearest​ dollar.)

Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which is estimated to hold 1,700,000 tons of ore. 215,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the information given. record the cost of the o mine and year end adjusting entry

Bob Co purchased a building for $50,000 and began depreciating assuming a salvage value of $5,000 and useful life of 20 years. After 5 years, it was determined that the salvage value would be $10,000, but the useful life would only be for an additional 10 years. Calculate the depreciation, assuming straight line, for Year 1 and Year 6 of the building, and prepare the necessary journals.

Compute the annual depreciation to be charged, beginning with 2022. (Round answer to O decimal places, e.g. 45,892.) Annual depreciation expense-building %24

[The following information applies to the questions displayed below.] On December 2 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,620,000; $385,000 was allocated to the basis of the land and the remaining $1,235,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount. a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3

In 2018, the Marion Company purchased land containing a mineral mine for $1,600,000. Additional costs of$600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted.After the ore is removed, the land will have a resale value of $100,000.To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of$150,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has beenremoved and will be left at the site. In addition, new equipment costing $80,000 was purchased and installed atthe site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auctionfor $4,000 after the mining project is completed.In 2018, 50,000 tons of ore were extracted and sold. In 2019, the estimate of total tons of ore in the mine wasrevised from 400,000 to 487,500. During 2019, 80,000 tons were extracted.Required:1. Compute depletion and…

The City of Houghton bought new municipal sewage equipment in the year 2010. The equipment cost 122,325 dollars and the city spent an additional 19,080 dollars for installation. The sewage equipment was put into service on June 1st, 2010 and the city removed the equipment from service on September 12, 2022. Using the US Straight Line Depreciation Schedule, estimate the total value of depreciation recorded in the accounting books for the years 2010 through 2022 (i.e. calculate the sum of depreciation in each year for years 2010 through 2022). (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas; do not round the recovery factors from the depreciation tables)

I have the answer and question below but I just needf to know how to work it out Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent. A construction company purchased a piece of equipment for $1,710.  The expected life is 7,000 hours, after which it will have a salvage value of $280.  Find the amount of depreciation for the first year if the piece of equipment was used for 1,600 hours. Use the units-of-production method of depreciation.   Answer:   ($320)

In 1990, Sunland Company completed the construction of a building at a cost of $880,000 and first occupied it in January 1991. It was estimated that the building would have a useful life of 40 years and a salvage value of $26,000 at the end of that time. Early in 2001, an addition to the building was constructed at a cost of $220,000. At that time, it was estimated that the remaining life of the building would be, as originally estimated, an additional 30 years, and that the addition would have a life of 30 years and a salvage value of $9,000. In 2019, it is determined that the probable life of the building and addition will extend to the end of 2050, or 20 years beyond the original estimate.   Compute the annual depreciation that would have been charged from 2001 through 2018. Annual depreciation from 2001 through 2018 Compute the annual depreciation to be charged, beginning with 2019. Annual depreciation expense—building

I need help with these three questions. On January 1, 2022, Martinez Company purchased the following two machines for use in its production process. Machine A:   The cash price of this machine was $54,500. Related expenditures also paid in cash included: sales tax $2,050, shipping costs $100, insurance during shipping $110, installation and testing costs $80, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Martinez estimates that the useful life of the machine is 5 years with a $4,100 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B:   The recorded cost of this machine was $180,000. Martinez estimates that the useful life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. 1. For Machine A, prepare the journal entry to record its purchase on January 1, 2022 and record annual depreciation at December 31,…