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malanna Maan aathaar purteoriting ines .The imarieties of nee Thaai : Esar test natural tires Dair| wate whithaa 5) Osember 2001, maputhry 16600. The forn.com 14000 und das yrars with a real 5200 Stradeline morate market Date A De Crede Hond the disposal was sold 51500 mark Dute A IM Credo Deputadana 12039 for a total cost of 2000 Athe the theme wasted to last for years and have a resolve 54000 Only 1 2020. the machine was improved a cost of 3500 the red and determined to have a defendant 5 years old and record the malestries for the artisten 2019 and for 2020 using the straight-line method [4 marks! Date A Du Credit The wings to the last year Record the 13x2 markal 2 522001 penal diferiche b) A Legal quale 525.00 The post $40000 igral year. The ad to the doctor w produttori Date AS Cadet 1) Label the following items as a cost that is Capitalized (C) or as a cost that is expensed (E) [4 marks] Purchased a new truck Had old building demolished and removed from land and built new building in its place Amortized Bought Paid a lawyer Repainted parking lot new engine legal fees for name on at year end for car to the purchase business truck restore it to of new land working order Bought an additional year on the insurance policy Paid delivery cost for a new piece of equipment 2) On Jan 27th Winston Athletic purchased land, a building, and equipment for a Judo practice in a basket purchase for $240000. The fair market value of the land was $140000. The fair market value of the building was $80000. The fair market value of the equipment was $55000. What costs should be debited to each of the Land, Building and Equipment accounts? Show your calculations please. Record the journal entries required. [2 marks for calculation, 3 marks for journal entry] Date Accounts Debit Credit 3) The Perth Construction Company purchased a piece of machinery on June 29, 2020 for $53 000. Freight costs came to $800. It cost $1 700 to install and test the machinery. At this time it was estimated that the machine would be used for six years and would have a residual value of $6 000 at that time. a) Calculate the value of the machinery and record the journal entry [3 marks] Date Accounts Debit Credit 4) DV Industries purchases a printing press for $18500 on Jan 4, 2020. The press is estimated to have a total life of 28055 presses. a) If 2500 items are pressed in 2020 and 3400 items are pressed in 2021, what will be the amortization expense each year (2020 and 2021) using the units of activity method? Record the journal entries [4 marks] b) If a declining balance rate of 15% is used, what will be the amortization expense each year (2020 and 2021)? Record the journal entry (4 marks) c) Which of the amortization methods should the business choose if it wants to achieve both of the following goals: [2 marks] Show that the assets do not need to be replaced and that they are in good shape Show high net income to make the business more attractive to be sold. Date Accounts Debit Credit 5) Journalize each transaction. a) On December 31 2021, ABC company sold a Foridlift purchased on January 1, 2016. It was sold for $600. The forklift cost $4000 and had a useful life of eight years with a residual value of $200. Straight line amortization is used. [4 marks] Date Accounts Debit Credit b) Record the disposal if it was sold for $1500 (4 marks] Date Accounts Debit Credit 1 6) Dent Co. purchased a machine on Jan 1 2019 for a total cost of $24200. At the time the machine was expected to last for 6 years and have a residual value of $4000. On January 1 2020, the machine was improved at a cost of $3500. It was then re-assessed and determined to have a residual value of $5000 and a useful life of 5 years. Calculate and record the journal entries for the amortization for 2019 and for 2020 using the straight-line method. (4 marks] Date Accounts Debit Credit 7) The following information relates to money spent on Intangible assets last year. Record the journal entries. [3 x 2 marks] a) $22000 is spent in a successful defense of a copyright b) A patent is acquired. Legal fees equaled $20500 c) The business spent $40000 in doing research last year. The research did not lead to the development or creation of a new product or service. Date Accounts Debit Credit malanna Maan aathaar purteoriting ines .The imarieties of nee Thaai : Esar test natural tires Dair| wate whithaa 5) Osember 2001, maputhry 16600. The forn.com 14000 und das yrars with a real 5200 Stradeline morate market Date A De Crede Hond the disposal was sold 51500 mark Dute A IM Credo Deputadana 12039 for a total cost of 2000 Athe the theme wasted to last for years and have a resolve 54000 Only 1 2020. the machine was improved a cost of 3500 the red and determined to have a defendant 5 years old and record the malestries for the artisten 2019 and for 2020 using the straight-line method [4 marks! Date A Du Credit The wings to the last year Record the 13x2 markal 2 522001 penal diferiche b) A Legal quale 525.00 The post $40000 igral year. The ad to the doctor w produttori Date AS Cadet 1) Label the following items as a cost that is Capitalized (C) or as a cost that is expensed (E) [4 marks] Purchased a new truck Had old building demolished and removed from land and built new building in its place Amortized Bought Paid a lawyer Repainted parking lot new engine legal fees for name on at year end for car to the purchase business truck restore it to of new land working order Bought an additional year on the insurance policy Paid delivery cost for a new piece of equipment 2) On Jan 27th Winston Athletic purchased land, a building, and equipment for a Judo practice in a basket purchase for $240000. The fair market value of the land was $140000. The fair market value of the building was $80000. The fair market value of the equipment was $55000. What costs should be debited to each of the Land, Building and Equipment accounts? Show your calculations please. Record the journal entries required. [2 marks for calculation, 3 marks for journal entry] Date Accounts Debit Credit 3) The Perth Construction Company purchased a piece of machinery on June 29, 2020 for $53 000. Freight costs came to $800. It cost $1 700 to install and test the machinery. At this time it was estimated that the machine would be used for six years and would have a residual value of $6 000 at that time. a) Calculate the value of the machinery and record the journal entry [3 marks] Date Accounts Debit Credit 4) DV Industries purchases a printing press for $18500 on Jan 4, 2020. The press is estimated to have a total life of 28055 presses. a) If 2500 items are pressed in 2020 and 3400 items are pressed in 2021, what will be the amortization expense each year (2020 and 2021) using the units of activity method? Record the journal entries [4 marks] b) If a declining balance rate of 15% is used, what will be the amortization expense each year (2020 and 2021)? Record the journal entry (4 marks) c) Which of the amortization methods should the business choose if it wants to achieve both of the following goals: [2 marks] Show that the assets do not need to be replaced and that they are in good shape Show high net income to make the business more attractive to be sold. Date Accounts Debit Credit 5) Journalize each transaction. a) On December 31 2021, ABC company sold a Foridlift purchased on January 1, 2016. It was sold for $600. The forklift cost $4000 and had a useful life of eight years with a residual value of $200. Straight line amortization is used. [4 marks] Date Accounts Debit Credit b) Record the disposal if it was sold for $1500 (4 marks] Date Accounts Debit Credit 1 6) Dent Co. purchased a machine on Jan 1 2019 for a total cost of $24200. At the time the machine was expected to last for 6 years and have a residual value of $4000. On January 1 2020, the machine was improved at a cost of $3500. It was then re-assessed and determined to have a residual value of $5000 and a useful life of 5 years. Calculate and record the journal entries for the amortization for 2019 and for 2020 using the straight-line method. (4 marks] Date Accounts Debit Credit 7) The following information relates to money spent on Intangible assets last year. Record the journal entries. [3 x 2 marks] a) $22000 is spent in a successful defense of a copyright b) A patent is acquired. Legal fees equaled $20500 c) The business spent $40000 in doing research last year. The research did not lead to the development or creation of a new product or service. Date Accounts Debit Credit