Having trouble comprehending and even deciding what form to use in my problems? Accounting 202

(GJ General Journal - FIB fill in the box

JG - 1Question 1 (26 points) On August 2, 2016, Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $15,000 Building 30,000 Equipment 35,000 Alpha signed a 3 years, 5%, note in the amount of $92,000 for the lump sum purchase. Use this information to prepare the General Journal entry (without explanation) for August 2. If no entry is required then write "No Entry Required." JG - 2Question 2 (12 points) On January 2, 2016, Alpha Company purchased a patent for $72,000. The patent has a remaining legal life of nine years and an expected service life of eight years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write "No Entry Required." FIB - 1Question 3 (6 points) Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $15,000 Building 60,000 25,000 Equipment Alpha signed a 3 years, 5%, note in the amount of $72,000 for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.) 1. Land 2. Building 3. Equipment FIB - 2Question 4 (6 points) On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.) 1.the 2017 depreciation expense 2.the accumulate depreciation after the fiscal year 2017 adjusting entry 3.the book value of the truck after the fiscal year 2017 adjusting entry FIB - 3Question 5 (6 points) On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Production for the first four years was as follows: Year Units 2016 25,000 2017 30,000 2018 35,000 2019 20,000 Using the units-of-output method, how much is: (Enter only whole dollar values.) 1. the 2019 depreciation expense 2. the accumulate depreciation after the fiscal year 2019 adjusting entry 3. the book value of the truck after the fiscal year 2019 adjusting entry FIB - 4Question 6 (6 points) On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Production for the first four years was as follows: Year Units 2016 25,000 2017 30,000 2018 35,000 2019 20,000 Using the double declining balance method, how much is: (Enter only whole dollar values.) 1. the 2018 depreciation expense 2. the accumulate depreciation after the fiscal year 2018 adjusting entry 3. the book value of the truck after the fiscal year 2018 adjusting entry FIB - 5 Question 7 (6 points) Bravo Company purchased a truck on October 1, 2016. Bravo paid $10,000 for the truck in addition to $500 registration & sales taxes. The truck is expected to have a $2,000 residual value and a 5-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, how much is: (Enter only whole dollar values.) 1.the 2017 depreciation expense 2.the accumulate depreciation after the fiscal year 2017 adjusting entry 3.the book value of the truck after the fiscal year 2017 adjusting entry FIB - 6Question 8 (6 points) On January 1, 2016, Alpha Company purchased equipment for $16,000 with an estimated 10-year life and no salvage value. It was determined that the straight-line method of depreciation would be used. Alpha has a December 31 fiscal year end. During 2020, Alpha determined that the useful life for this equipment should be only 7 years. Using this information, how much is: (Enter only whole dollar values.) 1.the 2020 depreciation expense 2.the accumulate depreciation after the fiscal year 2020 adjusting entry 3.the book value of the truck after the fiscal year 2020 adjusting entry FIB - 7Question 9 (4 points) On July 1, 2016, Alpha Company negotiated the purchase of a new piece of equipment with the seller Zulu Company. The equipment was list for $200,000. Smooth talking Alpha was able to negotiate the purchase price and acquired the equipment at $170,000. Alpha Company completed the purchase transaction on July 1. Additionally, Alpha was entitled to a 1% discount if it paid for the equipment within 10 days. After completing the purchase, Bravo Company, third party, offered Alpha, $185,000 for this equipment. What amount should Alpha Company record the equipment purchase at if payment is made by July 11? FIB - 8Question 10 (6 points) On June 30, 2016, after adjusting entries were posted, Alpha Company sold a machine. The historical cost was $9,000 and the book value was $2,000. It was sold for $1,100 cash. Using this information, how much should be recorded on June 30 for the following accounts: 1.Accumulated Depreciation, Machine 2.Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets)Machine FIB - 9Question 11 (6 points) On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $1,000 that had accumulated depreciation of $600 after all June adjusting entries had been processed. The exchange was for a new computer having a fair value of $500. The transaction has commercial substance. Using this information, how much should be recorded on July 1 for the following accounts: 1.Accumulated Depreciation, Equipment 2.Gain or (Loss) on Sale (Enter any loss amount with $ sign inside of brackets) 3.Equipment - New FIB - 10Question 12 (6 points) Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 850,000 tons of ore were mined and 725,000 tons were sold. Using this information, how much should be recorded for FY 2016 for the following accounts: 1.Accumulated Depletion 2.Inventory 3.Cost of Goods Sold FIB - 11Question 13 (4 points) Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following: Item Amount Cash $75,000 Inventory $275,000 Property, Plant & Equipment (net) $750,000 Accounts Payable $350,000 Using this information, how much should be recorded as Goodwill for this transaction