Accounting 2 homework please help by Saturday 10/31/15 at 9pm

Problem 10-2A In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized as follows. Bus Acquired 1 2 3 1/1/12 1/1/12 1/1/13 Salvage Value Cost $ 97,700 122,000 89,560 Useful Life in Years $ 7,300 11,900 8,500 5 4 5 Depreciation Method Straight-line Declining-balance Units-of-activity For the declining-balance method, the company uses the double-declining rate. For the units-ofactivity method, total miles are expected to be 115,800. Actual miles of use in the first 3 years were: 2013, 24,400; 2014, 34,300; and 2015, 32,400. Don't show me this message again for the assignment For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. $0.50.) Depreciation expense per mile $ per mile Don't show me this message again for the assignment Link to Text Compute the amount of accumulated depreciation on each bus at December 31, 2014. (Round answers to 0 decimal places, e.g. $2,125.) 2014 BUS 1 BUS 2 BUS 3 $ $ $ Don't show me this message again for the assignment Link to Text If bus 2 was purchased on April 1 instead of January 1, what is the depreciation expense for this bus in 2012 and 2013? (Round answers to 0 decimal places, e.g. $2,125.) 2012 Depreciation expense $ 2013 $ Problem 10-5A At December 31, 2014, Grand Company reported the following as plant assets. Land $ 3,729,000 Buildings $27,823,000 Less: Accumulated depreciation-buildings 12,486,000 Equipment 48,938,000 Less: Accumulated depreciation-equipment 4,929,000 Total plant assets 15,337,000 44,009,000 $63,075,000 During 2015, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,162,000. Sold equipment that cost $1,185,000 when purchased on January 1, 2011. The equipment was sold for $711,000. Sold land purchased on June 1, 2005 for $1,562,000. The land cost $408,000. Purchased equipment for $2,415,000. Retired equipment that cost $492,000 when purchased on December 31, 2005. No salvage value was received. Don't show me this message again for the assignment Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Apr. 1 May 1 (To record depreciation) May 1 (To record sale of equipment) June 1 July 1 Dec. 31 Debit Credit (To record depreciation) Dec. 31 (To record retirement of equipment) Don't show me this message again for the assignment Show List of Accounts Link to Text Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 (To record building depreciation) Dec. 31 (To record equipment deprecition) Debit Credit Don't show me this message again for the assignment Problem 10-6A Ceda Co. has equipment that cost $83,020 and that has been depreciated $49,670. Record the disposal under the following assumptions. (a) (b) (c) It was scrapped as having no value. It was sold for $26,820. It was sold for $36,530. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (a) (b) (c) Debit Credit Don't show me this message again for the assignment Open Show Work Click if you would like to Show Work for this question: Problem 10-7A The intangible assets section of Sappelt Company at December 31, 2014, is presented below. Patents ($74,200 cost less $7,420 amortization) Franchises ($38,700 cost less $15,480 amortization) Total $66,780 23,220 $90,000 The patent was acquired in January 2014 and has a useful life of 10 years. The franchise was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2015. Jan. 2 Jan.-June Sept. 1 Oct. 1 Paid $20,880 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $141,890 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Paid $52,360 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a franchise for $146,000. The franchise has a useful life of 50 years. Don't show me this message again for the assignment Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 2 Jan.-June Account Titles and Explanation Debit Credit Sept. 1 Oct. 1 Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare journal entries to record the 2015 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 (To record patents amortisation.) Dec. 31 (To record franchise amortisation.) Debit Credit Don't show me this message again for the assignment Show List of Accounts Link to Text Prepare the intangible assets section of the balance sheet at December 31, 2015. Sappelt Company Balance Sheet (Partial) December 31, 2015 $ $ Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Problem 10-5A At December 31, 2014, Grand Company reported the following as plant assets. Land $ 3,729,000 Buildings $27,823,000 Less: Accumulated depreciation-buildings 12,486,000 Equipment 48,938,000 Less: Accumulated depreciation-equipment 4,929,000 Total plant assets 15,337,000 44,009,000 $63,075,000 During 2015, the following selected cash transactions occurred. April 1 May 1 Purchased land for $2,162,000. Sold equipment that cost $1,185,000 when purchased on January 1, 2011. The equipment was sold for $711,000. June 1 July 1 Dec. 31 Sold land purchased on June 1, 2005 for $1,562,000. The land cost $408,000. Purchased equipment for $2,415,000. Retired equipment that cost $492,000 when purchased on December 31, 2005. No salvage value was received. Don't show me this message again for the assignment Your answer is partially correct. Try again. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Apr. 1 Account Titles and Explanation Land Debit 2162000 Cash May 1 Depreciatio Accumulate (To record depreciation) Credit 2162000 39500 39500 May 1 Cash 711000 Accumulate 513500 Equipment 1185000 Sales Reve 39500 (To record sale of equipment) June 1 Cash 1562000 Land Sales Reve July 1 408000 1154000 Equipment 2415000 Cash Dec. 31 Accumulate 2415000 492000 Equipment (To record depreciation) Dec. 31 (To record retirement of equipment) Don't show me this message again for the assignment Show List of Accounts Link to Text 492000 Your answer is incorrect. Try again. Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record building depreciation) Dec. 31 (To record equipment deprecition) Don't show me this message again for the assignment Show List of Accounts Link to Text Your answer is incorrect. Try again. Prepare the plant assets section of Grand's balance sheet at December 31, 2015. (List Plant Assets in order of land, buildings and equipment.) Grand Company Balance Sheet (Partial) December 31, 2015 $ $ : : $ Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Problem 10-7A Account Titles and Date Explanation Dec. 31 Amortizatio Debit Credit 9740 Patents 9740 (To record patents amortisation.) Dec. 31 Amortizatio 4843 Franchises 4843 (To record franchise amortisation.) Don't show me this message again for the assignment Show List of Accounts Link to Text Your answer is partially correct. Try again. Prepare the intangible assets section of the balance sheet at December 31, 2015. Sappelt Company Balance Sheet (Partial) December 31, 2015 res_EAT_135662 Intangible Assets $ Patents 77920 Franchises 164377 res_EAT_135662 $ 242297 Total Intangible Assets 492000 Accumulate Dec. 31 492000 Equipment (To record depreciation) Dec. 31 (To record retirement of equipment) Don't show me this message again for the assignment Show List of Accounts Link to Text Your answer is partially correct. Try again. Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31 Account Titles and Explanation Depreciation E Debit 556460 Credit Accumulated D 556460 (To record building depreciation) Dec. 31 Equipment 4935550 Accumulated D 4935550 (To record equipment deprecition) Don't show me this message again for the assignment Show List of Accounts Link to Text Your answer is partially correct. Try again. Prepare the plant assets section of Grand's balance sheet at December 31, 2015. (List Plant Assets in order of land, buildings and equipment.) Grand Company Balance Sheet (Partial) December 31, 2015 res_EAT_135662 Plant Assets $ Land 5483000 $ Buildings 27823000 : res_EAT_135662 Less Accumulated D Equipment 13042460 14780540 49676000 : res_EAT_135662 Less Accumulated D 8898550 40777450 res_EAT_135662 $ 61040990 Total Plant Assets