Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could you please help me with the transactions for this i tried doing the first one but no matter what the transactions would not balance

image text in transcribed

could you please help me with the transactions for this i tried doing the first one but no matter what the transactions would not balance out

1. Olympic Company acquired land and a building on January 1,20 for a total purchase price of $280000. The company made an $80000 cash down payment, and signed a mortgage for the remainder. Management estimated the fair market value of the land was $100000 and of the building $200000. Prepare the journal entry to record the acquisition. Be sure to show your calculations to the side of this journal entry. 2. Basler Company incurs the following costs in purchasing a used truck for cash. The price was $25000, safety inspection $500, insurance $1000, motor vehicle license $75. Make sure you review which costs are capitalized and which are not!! 3. On September 12, Campbell Construction trades an automobile with the historical cost of $27000 and a fair market value of $18000, for a skyjack. The skyjack belonged to Wanna Be Campbell Construction and had a historical cost of $12000 and a fair market value of $8000. a. Record the transaction for Campbell Construction. b. Record the transaction for Wanna Be Campbell Construction

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bio Technology Audit In Hungary Guidelines Implementation Results

Authors: Ulrike Bross, Annamaria Inzelt, Thomas Reiß

1st Edition

3790810924, 978-3790810929

More Books

Students also viewed these Accounting questions

Question

HIPAA and privacy and security risks of the EHRs

Answered: 1 week ago