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10, The equipment purchased in #3 has an estimated useful life of 8 years with a salvage value of . Keaubie Co. purchased land at a cost of $250,000 cash. The property had a building on it that $12,500. Journalize the transaction to record depreciation expense for the first quarter of 201 was demolished at a cost of $10,000. Proceeds from salvaged materials from the demolition amounted to $2100. Attorney's fees were $3,100 and the real estate broker's commission was $2,450. Determine the cost of the land. Journalize the purchase 11. Assume that Keaubie Co. sold the equipment from 83 for $14,000 cash and accumulated depreciation on the equipment is $190,000 Journalize the transaction. 2. Keaubie Co. purchased a building at a cost of $125,000 cash. Other costs associated with the purchase included: attorney fees, $250, broker's commission, $1,200. Determine the cost of the building and journalize the purchase. 12. Madison Co. {from #41 sold the equipment at the end of year 6 for $42,500 cash. Journalize this 13. Madison Company made a lump sum asset purchase, purchasing the following: building, land 3. Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, and equipment. The total market value of the purchase was $225,000, with the land valued at $100,000, the building valued at $95,000, and the equipment valued at 530,000. Madison paid $210,000 for the lump sum purchase. Journalize Madison's purchase, assuming they paid 15% down and financed the rest, signing a long term note. $15,500, freight charges, $6,500, and insurance during transit, $5,500, insurance for first year $10.000, Journalize the purchase 4. On July 1, Madison Co. purchased equipment costing $135,000. The estimated useful life is 8 years, with a salvage value of $5,000. Journalize the purchase and the depreciation for the year in which it was purchased. Prepare a schedule to show the book value, annual depreciation expense, and accumulated depreciation using the straight-line method a- b. 5. Baylee Co. purchased, on Jam. 2, a truck for $59,000. Its useful life is expected to be 5 years and the estimated salvage value of $5,000. During year 4, however, Baylee Co. decided the useful life would be 7 years instead of 5, and the salvage value would decrease to $4,000 Journalize the purchase of the truck and the depreciation expense for the first year. Prepare a schedule to show the book value, annual depreciation expense, and accumulated depreciation using the straight-line method a- b. 6. Keaubie Co. retired a piece of equipment that was fully depreciated and had no salvage value The cost of the equipment was $66,500. Journalize the retirement of this asset. 7. Keaubie Company retired some equipment that cost 585,000 and had accumulated depreciatiorn of $76,250. Journalize the retirement of the equipment. 8. Keaubie Co. sold office equipment that originally cost $15,000, for $2,500 cash. The equipment had accumulated depreciation in the amount of S10,000. Record the sale of the equipment. 9, Assume Keauble Co. sold the equipment in #8 for $4,400 cash and had accumulated depreciation in the amount of $12,000. Record the sale
