Question
1) question1 Rodriguez Company pays $330,000 for real estate plus $17,490 in closing costs. The real estate consists of land appraised at $250,000; land improvements
1) question1
Rodriguez Company pays $330,000 for real estate plus $17,490 in closing costs. The real estate consists of land appraised at $250,000; land improvements appraised at $50,000; and a building appraised at $200,000.
Required:
1. Allocate the total cost among the three purchased assets.
2. Prepare the journal entry to record the purchase.
2)question2
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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $44,200. The machine's useful life is estimated at 10 years, or 392,000 units of product, with a $5,000 salvage value. During its second year, the machine produces 33,200 units of product.
Determine the machines second-year depreciation and year end book value under the straight-line method.
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3) question3
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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $44,200. The machine's useful life is estimated at 10 years, or 392,000 units of product, with a $5,000 salvage value. During its second year, the machine produces 33,200 units of product.
Determine the machines second-year depreciation using the units-of-production method.
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Question 3 linked to 4of6Total
4) question 4
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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $44,200. The machine's useful life is estimated at 10 years, or 392,000 units of product, with a $5,000 salvage value. During its second year, the machine produces 33,200 units of product.
Determine the machines second-year depreciation using the double-declining-balance method.
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5) question5
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In early January 2018, NewTech purchases computer equipment for $170,000 to use in operating activities for the next four years. It estimates the equipments salvage value at $31,000.
Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation.
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Question 5 linked to 6of6Total
6) question 6
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In early January 2018, NewTech purchases computer equipment for $170,000 to use in operating activities for the next four years. It estimates the equipments salvage value at $31,000.
Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (Enter all amounts as positive values.)
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