Plant Assets 12/31/2017 100,000 Acquisitions 428,000 52,500 12/31/2018 475,500 Disposals Accumulated Depreciation-Plant Assets 20,000 12/31/2017 Disposals 10,500 34,000 Depr. Exp. 43,500 12/31/2018
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The Plant Assets account and
Star Media sold plant assets at an $11,000 loss. Where on the statement of
a. Financing cash flows—cash receipt of $42,000
b. Investing cash flows—cash receipt of $53,000
c Investing cash flows—cash receipt of $31,000
d. Investing cash flows—cash receipt of $42,000
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- Cost of Intangible Assets Advanced Technological Devices Inc. acquired a patent for $91,500. It spent an additional $31,250 successfully defending the patent in legal proceedings. Required: Determine the cost of the patent.heducation.com/ext/map/ Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] Land Land improvements The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation $ Building Equipment Automobiles Plant Asset $ 480,000 245,000 2,150,000 1,184,000 215,000 58,000 363,000 418,000 125,000 group/ Required: Prepare a schedule analyzing the changes in each of the plant assets during 2021. PELL CORPORATION Puy9jalEEUNqiD5pfW-TaJ519tUvJobFf7 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight. Installation costs of $40,000 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 $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2021,…P10.5A Journalise a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2021. Grand Regency Limited reported the following as Non-current tangible assets: 4,000,000 16,400,000 June 11 July 1 Dec. 31 Land Buildings Less: Accumulated depreciation - buildings Equipment Less: Accumulated depreciation - equipment Total plant assets During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 (b) (c) (d) 28,500,000 12,100,000 48,000,000 5,000,000 Required: (a) 43,000,000 £63,400,000 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. Purchased equipment for R2,500,000. Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Prepare general journal entries the above transactions. The company uses straight-line…
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- A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 lossProblem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation $ Land Land improvements Building Equipment Automobiles Plant Asset $ 480,000 245,000 2,150,000 1,184,000 215,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight. Installation costs of $40,000 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 $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2021, expenditures of $63,000 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…Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 Tig as platit assets. July 1 Dec. 31 $29,770,000 During 2023, the following selected cash transactions occurred. 12,500,000 47,890,000 4,870,000 $4,360,000 17,270,000 43,020,000 $64,650,000 Purchased land for $2,030,000. Sold equipment that cost $1,110,000 when purchased on January 1, 2019. The equipment was sold for $666,000. Sold land purchased on June 1, 2013 for $1,490,000. The land cost $391,000. Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2013.
- Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100, еөө) $80,000 $ 270,e00 (210, 000) $ 60,000 $ 400,000 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 380,000 (100, еее) $ 280,000 Buildings, net Fing 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. How much cash did Anders receive from the sale of the building? How much depreciation expense was recorded on buildings during 2019? Prev 9. of 14 Next >Exercises Required information Exercise 11-4 (Algo) Other depreciation methods [LO11-2] [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $343,000. The estimated service life of the equipment is 10 years and the estimated residual value is $24,000. The equipment is expected to produce 296,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Exercise 11-4 (Algo) Part 3 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022 using each of the two methods. Partial-year depreciation is calculated based on the number of months the asset is in service. (Do not round intermediate answers and round your answers to the nearest whole dollar amount.) Sum-of-the-years' digits One hundred fifty percent declining balance $ 2021 12,863 2022Topic: Impairment of Asset Uranus Company has various cash generating units. On December 31,2014, one cash generating unit has the following carrying amount of assets: Cash 600,000 Inventory 1,400,000 Land 2,500,000 Plant and equipment 9,000,000 Accumulated depreciation 1,500,000) Goodwill 1,000,000 Carrying amount 13,000,000 The management determined the value in use of the cash generating unit at P8,500,000. The fair value less cost of disposal for the inventory was greater than the carrying amount. Required: Prepare journal entry to recognize the impairment loss.