ABC Inc., purchased land at a Price of $$27,000.$ Closing costs were $$1,400.$ An old

building was removed at a cost of $$10,200.$ What amount should be recorded as the

cost of the land?

ABC Inc. purchased land, building and equipment from $xYZ$ Inc. for a cash

payment of $$315,000$ The estimated fair values of the assets are land $$60,000,$

building $$220,000$ and equipment $$80,000.$ At what amounts should each of the

three assets be recorded?

ABC Inc. Traded a used truck $($cost $$20,000,$ accumulated depreciation $$18,000)$ for

a small computer worth $$3,300.$ ABC Inc. also paid $$500$ in the transaction. Prepare

the journal entry to record the exchange. $($The exchange has commercial substance$).$

Used the information from problem $3.$ Prepared the journal entry to record the

exchange, assuming the exchange lacks commercial substance.

Indicate which of the following costs should be expensed when incurred.

a$)$ $$13,000$ paid to rearrange and reorganize machinery.

b$)$ $$200,000$ paid for addition to building.

c$)$ $$200$ paid for tune$-$up and oil change on a delivery truck.

d$)$ $$7,000$ paid to replace a wooden floor with a concrete floor.

e$)$ $$2,000$ paid for a major overhaul on a truck.

ABC Inc. traded a used truck for a new truck. The used truck cost $$20,000$ and has

accumulated depreciation of $$17,000.$ The new truck is worth $$35,000.$ ABC Inc.

also made a cash payment of $$33,000.$ Prepare entry to record the exchange. $($The

exchange has commercial substance.$)$

XYZ Inc. owns machinery that cost $$20,000$ when purchased on July $1,2019.$

Depreciation has been recorded at a rate of $$2,400$ per year, resulting in a balance in

accumulated depreciation of $$8,400$ at December $31,2022.$ The machinery is sold

on September $1,2023,$ for $$10,500.$ Prepare journal entries to $($a$)$ update

depreciation for $2023$ and $($b$)$ record the sale.

Use the information in problem $9,$ but assume the machinery is sold for $$5,200$

instead of $$10,500.$ Prepare the journal entries to $($a$)$ update depreciation for $2023$

and $($b$)$ record the sale.