Pitney Co. purchased an office building, land, and furniture for $650,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total Required $145,600 218,400 364,000 $728,000 a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Land Building Furniture Total Allocated Cost

Braxton Company purchased printing equipment at a cost of $24,000. The monthly depreciation on the equipment is $400. As of December 31, 2011, the balance in Accumulated Depreciation is $9,600. The book value of the equipment reported on the December 31, 2011 balance sheet will be a.$24,000 b.$23,600 c.$14,400 d.$9,600

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A truck was purchased via a bank loan for a cost of $75,000 with an estimated life of 10 years and a residual value of $1,000.Prepare the journal entries to record the purchase of the vehicle andprepare a journal entry for 1 month of depreciation

Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $42,600; terms: 2/10, n/30; paid within the discount period. 2. Transportation-in: $880. 3. Installation: $400. 4. Cost to repair damage during unloading: $630. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copier, Computer, and Scanner for $52,500 with Fair Market Values 1. Copier, $23,421. 2. Computer, $12,027. 3. Scanner, $27,852. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $83,800. 2. Demolition of building, $4,760. 3. Lumber sold from old building, $1,780. 4. Grading in preparation for new building, $7,900. 5. Construction of new building, $279,000.

Determining Fixed Asset's Book Value The balance in the equipment account is $3,100,000, and the balance in the accumulated depreciation—equipment account is $1,581,000. a.   What is the book value of the equipment?$fill in the blank 1 b.   Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $1,581,000?   , because depreciation is an allocation of the     of the equipment to the periods benefiting from its use.

Can you show me step by step this one too? 13. ABC Inc. purchased a truck on January 1, 2018 for $40,000. The truck had an estimated life of six years and anestimated salvage value of $4,000. ABC uses the straight-line method to depreciate the asset. On July 1, 2020, the truck was sold for $14,000 cash. A. Determine the effect on the accounting equation upon recording the depreciation for 2018. Assets = Liabilities + Stockholders’ Equity Revenues – Expenses =Net Income B. Calculate the gain or loss on the sale of the asset.

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A truck costing S72,000 has accumulated depreciation of $48,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O A. debit Cash for $8,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000 and credit Gain on Disposal for S32,500. O B. debit Cash for $15,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000, and credit Gain on Disposal for $8,500. OC. debit Accumulated Depreciation - Truck for $48,000, and credit Truck for $48,000. O D. debit Cash for $8,500, debit Accumulated Depreciation - Truck for $48,000, debit loss on Disposal for $15,500 , and credit Truck for $72,000.

Sullivan Ranch Corporation has purchased a new tractor. The following information is given: $150,000 $10,000 Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours: Year 1 Year 2 Year 3 Year 4 4 1200 Required: 1. Prepare the following Straight-Line depreciation schedule by using the Excel SLN function to calculate Depreciation Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate. (Use cells A4 to B12 from the given information to complete this question.) Year 1 2 360 270 350 220 3 4 Total Depreciation Schedule-Straight-Line Method End of year amounts Depreciatio Depreciatio n Expense n SULLIVAN RANCH CORPORATION Book Value