Journalize each of the following transactions: (use correct joural format - no dates) (a) A wing costing $2,345,000 was added to the building A new mortgage was issued for the cost. (b) Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. (c) A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment..
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Journalize each of the following transactions: (use correct joural format - no dates)
(a) A wing costing $2,345,000 was added to the building A new mortgage was issued for the
cost.
(b)
Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash.
(c) A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment..
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- During the current year, Arkells Inc. made the following expenditures relating to plant machinery. Renovated seven machines for $250,000 to improve efficiency in production of their remaining useful life of eight years Low-cost repairs throughout the year totaled $79,000 Replaced a broken gear on a machine for $6,000 A. What amount should be expensed during the period? B. What amount should be capitalized during the period?Required information (The following information applies to the questions displayed below) Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $250, e00 by paying $20,000 cash and signing a $23a, 00e note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $2e,0e0, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the amount owed on account for the work conpleted on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $800 cost. March 1 Paid $3,600 cash for the rights to use computer software for a two-year period. Required: 1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Stockholders' Equity Date Assets Llabilities January 02 January 02 January 03 January 30 February 01 March…Journalize each of the following transactions: (a) A wing costing $2,345,000 was added to the building. A new mortgage was issued for the cost. (b) Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $11,500 was paid in cash. (c) A major overhaul costing $8,000 on a machine increased the useful life by 4 years. The payment was made in cash.
- Miller Corp. purchased a new machine for its factory. The following lists shows the various expenditures for the machine during its first year: • Base purchase price, $75.000 • Sales tax incurred at the time of purchase, $4,000 • Installation charges for the machine, $700 • Insurance costs incurred while the machine was being shipped, $200 • Insurance costs for the first year of the machine's service life, $500 • Ordinary repairs and maintenance costs during the first year of the machine's service life, $1,200 Question: What should be the capitalized cost of the machine? Answer: $ (do not use commas or a decimal in the answer)New energy-efficient windows were installed for a total cost of $375,000. The company received a government grant, in the form of cashback for 15% of the total cost. The windows have a 15-year useful life and are depreciated on a straight-line basis. Prepare the journal entries required in the year of purchase using the: 1) Net method 2) Deferral methodRequired information [The following information applies to the questions displayed below.] At the beginning of the year, Tangerine Incorporated bought a shed, a machine, and a trailer. The shed initially cost $21,500 but had to be renovated at a cost of $780. The shed was expected to last 7 years, with a residual value of $2,050. Repairs costing $600 were incurred at the end of the first year of use. The machine cost $11,850, and is estimated to have a total life of 40,000 hours and residual value of $900. The machine was actually used 2,000 hours in year 1 and 4,000 hours in year 2. The trailer cost $12,500 and was expected to last 4 years, with a residual value of $2,000. Required: 1. Compute the amount to be capitalized for the shed. Total cost
- Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $36,100; terms: 2/10 n/30; paid within discount period. Transportation-in: $740. Installation: $580. Cost to repair damage during unloading: $615. Routine maintenance cost after six months: $260. Basket Purchase of Copier, Computer, and Scanner for $51,900 with Fair Market Values Copier, $22,500. Computer, $11,250. Scanner, $28,750. Land for New Warehouse with an Old Building Torn Down Purchase price, $75,700. Demolition of building, $5,070. Lumber sold from old building, $1,090. Grading in preparation for new building, $8,000 Construction of New Building Construction of new building, $231,000 RequiredIn case of office equipment, determine the amount of cost to be capitalized in the asset accounts. In case of basket purchase, determine the amount of cost to be capitalized in the asset accounts. In case of land,…Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit >CM replaced a major component in Plant A which has been operating 20 years and has a 30- year estimated useful life. The new replacement component cost $150,000 cash. When the plant was constructed, the old component cost $60,000. Give the entry (or entries) to record this transaction.
- Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulated depreciation through the end of last year $ 386,000 174,000 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency Routine maintenance and repairs on the equipment $ 57,000 8,500 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $38,000 estimated residual value. The annual accounting period ends on December 31. 3. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Jada Company had the following transactions during the year: • Purchased a machine for $500,000 using a long-term note to finance it • Paid $1,000 for ordinary repair • Purchased a patent for $42,000 cash • Paid $210,000 cash for addition to an existing building • Paid $55,000 for monthly salaries • Paid $300 for routine maintenance on equipment • Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year? Capitalized $4 ExpensedOki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment’s productivity. 2. Paid $6,250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years.