Question
Hello, I need help with the following accounting homework. Can you please show the calculations? Question 1 (HW6) On August 2, 2016, Alpha Company made
Hello, I need help with the following accounting homework. Can you please show the calculations?
Question 1 (HW6)
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."
General Journal:
Date | Accounts | Debit | Credit |
|
Question 2 (HW6)
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."
General Journal:
Date | Accounts | Debit | Credit |
|
Question 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 | $10,000 |
Building | 20,000 |
Equipment | 30,000 |
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
Question 3 options:
Question 4 (6 points)
On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $72,000. 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.)
the 2017 depreciation expense
the accumulate depreciation after the fiscal year 2017 adjusting entry
the book value of the truck after the fiscal year 2017 adjusting entry
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