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Christopher and Company purchased a truck on March 1, 2024, for $32,000. Estimated life of the truck is 6 years, and its estimated residual value
Christopher and Company purchased a truck on March 1, 2024, for $32,000. Estimated life of the truck is 6 years, and its estimated residual value was $5,000. Christopher uses the straight-line method of depreciation and uses a calendar year accounting period. The journal entry to record the depreciation expense for 2024 on the truck is: (Do not round any intermediate calculations. Round your final answer to the nearest dollar.)
Palmer, Inc. purchased land with an existing building that it plans to tear down and then build a new building. In the first quarter, the following amounts were incurred: Acquisition of land $250,000 Architectural Fee 25,300 Lawn sprinkler system 2,200 Surveys and legal fees 12,600 Land clearing 11,200 Cost to tear down old building 10,000 Contractor charges for new building 85,000 Fencing 18,300 Material and labor cost for building 660,000 Install lighting and signage 1,900 Parking lot 12,300 What amount should be recorded as the cost of the building in the corporation's hooks? O A. $703,600 O B. $780,300 C. $770,300 D. $838,800 Travis, Inc. purchased land to build an office. In the first quarter, the following amounts were incurred: Acquisition of land $40,000 Architectural Fee 5,900 Lawn sprinkler system 2,000 Surveys and legal fees 2,500 Land clearing 1,100 Contractor charges for building 52,000 Fencing 8,500 Material and labor cost for building 300,000 Install lighting and signage 1,600 Parking lot 2,900 What amount should be recorded as the cost of the building in the corporation's books? A. $357,900 B. $416,500 C. $360,600 D. $370,000 3,750 O A. Depreciation ExpenseTruck Accumulated DepreciationTruck 3,750 O 4,500 B. Depreciation ExpenseTruck Accumulated DepreciationTruck 4,500 OC. Depreciation ExpenseTruck Accumulated DepreciationTruck 5,333 5,333 D. Depreciation ExpenseTruck Accumulated DepreciationTruck 6,400 6,400Step by Step Solution
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