4 different questions!
Take me to the text On September 8, 2018, ACME Company purchased the following assets: a building, land, and machinery. The appraised values of the assets were $1,385,000 for land, $498,600 for machinery, and $886,400 for the building. The total purchase price of all three assets was $2,450,000. The company paid cash of $310,000 and signed a note payable for the remaining balance. Required a) Complete the table to determine the cost of the assets. Do not enter dollar signs or commas in the input boxes. Round all numbers to 2 decimal places. Building $886,400 Land $1,385,000 V % $ Machinery $498,600 v % $ Total $2,770,000 $ b) Prepare the journal entry to record the purchase. Enter the debit accounts in alphabetical order. Enter the credit accounts in alphabetical order. Sep 8 Building e ol Land 6 V Machinery c ol Cash ~/ o ' Notes Payable Record the purchase of assets Net Sales 100,000 Net Income 25,000 Total Assets as of January 1, 2018 310,000 Total Assets as of December 31, 2018 350,000 Required Calculate the company's return on assets for 2018. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Return on Assets = 15.01 X%Turpen Corporation purchased a large forest for $19 million on January 1, 2018. The company estimates that 5 million board feet of lumber can be harvested. After 10 years, the company will sell the land and expects it to be worth $3 million. Required a) Prepare the journal entry to record the purchase of the forest. Do not enter dollar signs or commas in the input boxest Jan 1 Forest v 1900000K V Cash 6 \\/ -~/ Record the purchase of the forest b) Calculate the unit for each BF to be extracted. Round your answers to 2 decimal places. Unit Cost = $|:| per board foot c) During the current year, the company harvested and sold 300,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2018. Round your answers to the nearest whole number. Dec 31 l Depletion Expense v/ Accumulated Depletion c \\/ |:| Record depletion for the year Building, equipment, and land were purchased for a total amount of $1,900,000 on April 2, 2018. The assessed values of these purchases were, Building for $630,000; Equipment for $231,000; Land for $1,239,000. Calculate the cost of each asset by filling in the following table, and write the journal entry that records the purchase. Required 3) Complete the table for the bulk asset purchase. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Round all percentage figures to 2 decimal places. Building $630,000 30 v % $ Equipment $231,000 11 v % $ Land $1,239,000 59 v % $ Total $2,100,000 $ b) Wri e the journal entry to record the purchase. Assume the company had enough cash to pay for the assets. Enter the debit entries in alphabetical order. Building 630000 0 & Equipment Land 0 Cash Record the purchase of building, equipment, and land
