The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees750 Prepaid maintenance contract for first year of machine's use $30,000 2,000 400 260 125 3,000 475 300 Determine the acquisition cost of the machine.

Allocation of Package Purchase Price Tamarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price included the land, a building, and factory machinery. Tamarack also paid $6,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased: Property Assessed Value Land $126,000 Building 456,000 Machinery 318,000 Total $900,000   Using the assessed value as a guide, allocate the total purchase price of the plant to the land, building, and machinery accounts in Tamarack Company’s records. Do not round until your final answers. Round answers to the nearest dollar. Asset Allocation ofPurchase Price Land Answer   Building Answer Mark 0.00 out of 1.00 Machinery Answer   Total Answer

Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for $75,000. In addition to the purchase price, Verdi spent $2,100 for shipping and installation, and $2,600 to calibrate the machine prior to use. The company estimates that the machine has a useful life of 5 years and a residual value of $11,000. Required a. Prepare journal entries to record the acquisition costs. Description Debit + → b. Calculate the annual depreciation expense using straight-line depreciation and prepare a journal entry to record depreciation expense for 2016. Description Credit Cash ◆ ◆ Accumulated depreciation c. On December 31, 2019, Verdi sold the machine to another company for $14,000. Prepare the necessary journal entry to record the sale. Credit Description Debit Credit Debit ◆ ♦

A fixed asset with a cost of $24,737 and accumulated depreciation of $22,263 is traded for a similar asset priced at $60,057 (fair market value) in a transaction with a commercial substance. Assuming a trade-in allowance of $4,264, at what cost will the new equipment be recorded in the books?  a.$4,264 b.$1,790 c.$60,057 d.$20,473

Acquisition of Equipment - A machine cost $1,200,000, has annual depreciation of $200,000, and has accumulated depreciation of $850,000 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $275,000, it is exchanged for a machine with a fair value of $1,350,000 and the proper amount of cash is paid. The exchange had commercial substance. Required: Prepare the entry to record the acquisition of the new equipment.

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Situation II During 2022, Pearl SA constructed and manufactured certain assets and incurred the following borrowing costs in connecti with those activities. Warehouse constructed for Pearl's own use Special-order machine for sale to unrelated customer, produced according to customer's specifications Inventories routinely manufactured, produced on a repetitive basis Borrowing Costs Incurred The total amount of borrowing cost to be capitalized R$ R$28,200 8,460 7,520 All of these assets required an extended period of time for completion. Assuming the effect of borrowing cost capitalization is material, what is the total amount of borrowing cost to be capitalized?

Acquisition Cost of Long-Lived Asset The following data relate to a firm’s purchase of a machine used in the manufacture of its product: Invoice price $34,000 Applicable sales tax 2,000 Cash discount taken for prompt payment 400 Freight paid 260 Cost of insurance coverage on machine while in transit 125 Installation costs 2,000 Testing and adjusting costs 475 Repair of damages to machine caused by the firm’s employees 750 Prepaid maintenance contract for first year of machine’s use 400   Determine the acquisition cost of the machine.

Acquisition and retirements Capital lease Goodwill Net income Ownership Property tax Repairs and maintenance Retirement work order Revenue Subsidiary ledger Working papers

Recording Asset Exchanges Minneapolis Inc. has equipment with an original cost of $52,500 and accumulated depreciation of $30,000. This equipment was traded in for new equipment with a list price of $60,000. The new machine can be purchased without a trade-in for $56,250 cash. The difference between the fair value of the new asset and the market value of the old asset will be paid in cash.   Prepare the entry to record acquisition of the new machine under each of the following separate cases. a. The new machine is purchased for cash with no trade-in. b. The transaction has commercial substance. The old equipment is traded in, and $37,500 cash is paid. c. The same as in part b except that the transaction lacks commercial substance.     a. Account Name Dr. Cr.   Answer   Answer             b. Account Name Dr. Cr.   Answer   Answer     Answer   Answer     Answer   Answer     Answer   Answer           C. Account Name Dr. Cr.   Answer…