On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $555,800 for real estate plus $29,800 cash in closing costs The real estate included land appraised at $227,240; land improvements appraised at $59,800, and a building appraised at $310,960. PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value: (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 222,489 Land improvements 58,706 304,405 Building
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- On April 12, 2020, Prism Ltd., a camera lens manufacturer, paid cash of $559,400 for real estate plus $30,100 cash in closing costs. The real estate included land appraised at $210,350; land improvements appraised at $78,130; and a building appraised at $312,520. PPE Asset (a) Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase.At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 185,000 $ — Land improvements — — Buildings 2,000,000 438,502 Equipment 1,625,000 327,500 Automobiles and trucks 182,000 110,325 Leasehold improvements 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2020. Leasehold improvements—Straight line. Land improvements—Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2024 and other information: On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 35,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a…Selected accounts included in the property, plant, and equipment section of Kingbird Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment 1. 2. During 2025, the following transactions occurred. 3. $426,000 198,800 Sales taxes 1,562,000 1,363,200 A tract of land was acquired for $213,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,400 shares of Kingbird's common stock. On the acquisition date, Kingbird's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $156,200 for land and $454,400 for the building at the exchange date. Current appraised values for the land and building, respectively, are $326,600 and $979,800. Items of machinery and equipment were purchased at a total cost of $568,000. Additional costs were incurred as follows. Installation…
- Accounting Property and equipment, at cost, consisted of the following: December 31, 2017 2018 Gross property and equipment: Land $ 22,058.38 $ 30,850.93 Equipment 37,411.98 48,949.37 Other assets 1,451.47 1,566.73 Construction in progress 5,859.76 9,469.74 Gross property and equipment 66,781.59 90,836.47 Total accum dep and amort 23,255.12 29,867.63 Total property and equipment, net…The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500000 Building 200000 Motor vehicles 120000 Plant and machinery 70000 Profit b/f as at 01.01.2020 237650 Capital 438000 Acc depreciation as at 1.1.2020 : Dr (RM) Cr (RM) Building 60 000 Motor vehicles 69250 Plant and machinery 40000 Returns 3600 4100 Revenue 800000 Purchases 400000 Discounts 5000 Carriage Inwards 7700 Opening Inventory 52000 Provision for bad debts 2000 Trade receivables / Trade payable 66000 43200 Advertising 18000 Staff training course 4000 Bad Debts 12500 Motor Expenses 27000 Rental 90000 Bank 7600 Wages & Salaries 126000 1701800 1701800 Additional information:i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on…The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of Comprehensive…
- Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $245.000; land improvements are appraised at $73,500; and a building is appraised at $171,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation 0 Land Land improvements Building Equipment Automobiles Plant Asset $ 395,000 193,500 1,590,000 1,248,000 159,000 Transactions during 2021 were as follows: $ 54,000 395,000 450,000 116,500 a. On January 2, 2021, equipment were purchased at a total invoice cost of $305,000, which included a $6,400 charge for freight. Installation costs of $36,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $34,000. The fair value of the building on the day of the donation was $21,400. c. On May 1, 2021, expenditures of $59,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…Pina Colada Corp's statement of financial position at the end of 2019 included the following items: $1,255,000 $1,095,800 31,800 1,211,000 1,200,000 199,000 321,000 188,000 (144,000 ) (11,600 ) 41,600 $2,693,800 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Intangible assets-patents Total The following information is available for the 2020 fiscal year: 1. 2. 3. 4. 5. 6. 7. 8. 9. Current liabilities Bonds payable Common shares Retained earnings (a) Total $2,693,800 Net income was $399,000. Interest paid is classified as operating activities. Equipment (cost of $20,300 and accumulated depreciation of $8,200) was sold for $10,400. Depreciation expense was $4,010 on the building and $9,130 on equipment. Amortization expense on a patent was $3,040. Current assets other than cash increased by $30,000. Current liabilities increased by $20,000. An addition to a building was completed at a cost of $32,600. Pina Colada prepares…
- At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…The following information relates to Absolute Company for the year 2020: Determine the accounts and amounts taken to profit or loss relating to the investment property. Land Held as Investment Property (at cost) 5,000,000 Fair value at January 1, 2020 6,000,000 Fair value at December 31, 2020 6,800,000 Estimated disposal cost 300,000 Building Held as Investment Property Construction was completed at January 1, 2020 at a total cost of 20,000,000 Estimated useful life with no residual value 40 years Fair value at January 1, 2020 19,000,000 Fair value at December 31, 2020 20,000,000 Estimated disposal cost 500,000 Rent revenue recognized during 2020 3,000,000 Compensation paid to personnel for administrative and security 200,000 Real property taxes applicable to 2020 120,000 Costs of maintenance paid to an outsourced company 340,000Rodrigues company pays $389,610 for real estate with land improvements, and a building Land is appraised 225000 land improvements are appraised $75000 and a building is appraised at 2000,000