Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipmen
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QS 8-12 (Algo) Disposal of assets LO P2
Garcia Company owns equipment that cost $84,400, with
Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $52,700 cash, (2) $39,800 cash, and (3) $34,700 cash.
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- QS 8-3 (Algo) Lump-sum purchase of assets LO C1 Diego Company paid $200,000 cash to acquire a group of items consisting of land appraised at $48,000 and a building appraised at $192,000. Allocate total cost to these two assets and prepare an entry to record the purchase.7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000xercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $220, 500; land improvements are appraised at $73,500; and the building is appraised at $196,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase.
- Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $90,900. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,000 cash. 3. Diaz sold the machine for $34,100 cash. 4. Diaz sold the machine for $40,100 cash. View transaction list Journal entry worksheet 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit ere to search 10:39 AM 99+ 69°F 10/1/2021 79 brt se delete 24 4 96 & 3 6. backspace lock E R Y. P F G\ H. K L enter BI HP Pavilion Me time No lad7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost A $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $35,000 $50,000 $65,000 $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $65,000 $35,000 $50,000 $50,000Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $90,800. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.2. Diaz sold the machine for $16,100 cash.3. Diaz sold the machine for $34,900 cash.4. Diaz sold the machine for $41,700 cash.
- COTB MC Qu. 15-70 (Algo) Assume a company sold a... Assume a company sold a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $21,000. In addition, the beginning and ending balances in the company's Property, Plant, and Equipment account were $4,700,000 and $4,600,000, respectively. Based solely on the information provided, the company's net cash provided by (used in) investing activities would be: Multiple Choice $(179,000). $(200,000). O $(158,000). $(121,000).Brief Exercise 7-13 Account for the sale of long-term assets (LO7-6) Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment? Sale amount Less: Cost of the ice cream equipment Book value Gain on sale of the equipment Loss on sale of the equipment Next > e to search Designed by Apple in California Asembled in ChinaExercise 8-21A (Algo) Computing and recording the amortization of intangibles LO 8-10, 8-11 Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items. Patent with 4 remaining years of legal life Goodwill $39,700 41,900 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model. Balance Sheet Income Statement Assets Stockholders' Cash + 85,200 + Patent NA + + Goodwill NA = NA = Liabilities + Equity 85,200 + Revenue NA - - = Expenses = Net Income NA NA Statement of Cash Flows ΝΑ Required a. Compute the annual amortization expense for these items. b. Show the acquisition of the intangible assets and the related amortization expense for Year 1 in a horizontal statements model. c. Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year 1. Complete this question by entering your answers in the tabs below.…
- Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $373,815 for real estate with land, land improvements, and a building. Land is appraised at $210,000; land improvements are appraised at $84,000; and the building is appraised at $126,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Land Land improvements Building Totals Appraised Value View transaction list Journal entry worksheet >Problem 23-5 (IAA) quisitions 1. Nutty Company made the following individual cash purchases: ,000,000 taken. Land and building Machinery and office equipment Delivery equipment 6,000,000 1,800,000 500,000 the old lachine An appraisal disclosed the following fair value: 1,000,000 3,000,000 800,000 400,000 350,000 Land entity onthly chine Building Machinery Office equipment Delivery equipment 2. Nutty Company acquired the assets of another entity with the following fair value: sed a 1,000,000 5,000,000 2,000,000 erest Land Building Machinery The The entity issued 60,000 shares with P100 par value in exchange. The share had a quoted price of P150 on the date of purchase of the property. of ary 3. Received a parcel of land located in Davao City from a philanthropist as an inducement to locate a plant in the city. The land has a fair value of P1,500,000. is 4. The entity paid cash for machinery, P900,000 subject to 2% cash discount, and freight on machinery, P35,000. a 5. The entity…help me please