Rory City traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old pickup had a fair value of $26,000, historical cost of $47,000, and accumulated depreciation of $18,000. The dealer took the old truck and $15,000 for the new truck. The amount of gain or loss that should be recognized on this transaction in the general fund financial statements is: A.) $0. B.) $1,000 loss. C.) $4,000 gain. D.) $15,000 loss

A company purchased new equipment for $40,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $2,300; sales tax paid, $2,400; and installation cost, $2,300. The total capitalized cost reported for the equipment was: Multiple Choice $44,700. $47,000. $40,000. $42,300.

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Zeidler Company bought a building and the land on which the building is located for a total cash price of $356,000. The company paid transfer costs of $4,000. Renovation costs on the building were $46,000. An independent appraiser provided market values for the land, $100,000, and building, $300,000 before renovation. Required: 1. Apportion the cost of the property on the basis of the appraised values. (Input all amounts as positive values.) Item Building Land Apportioned Cost Renovation Cost $ 270,000 $ 90,000 360,000 $ 46,000 0 Purchase Cost $ $ 316,000 90,000 406,000 2. Prepare the journal entry to record the purchase of the building and land, including all expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Assume that a town sells a truck that it had originally purchased for $65,000 for a cash sale price of $30,000. Required: Prepare the journal entry to record the sale.