. . NO I No Spa Heading 1 Heading 2 Title Subtitle Subtle Em Emphash Styles Informa related to the long-term operating assets of Rivera Retail Distributors, Inc. at December 31,2014, is as follows Balance Sheet Category Equipment Cont $ 500,000 Accumulated Depreciation Through 12/31/2014 $ 180,000 Estimated Useful Use Estimated Residual Vakse $ 50.000 10 Years Depan Method Double balanc Stron Straight $ 345,500 $ 127900 170.000 75,000 5.500 B Years 5 Years 2.800 Modbery Vehicles Leasehold Improvements Building Land s 65 400 $12.000.000 $ 4,560,000 21,80C 3.252.000 N/A 3 years 20 years NA -0 1,500,000 N/A Straight Straight NA The fiscal year end of the company is December 31. The following events occurred during 2015 1. On February 1, 2015, Rivera sold the vehicles to Wholesale Produce, Inc. for $15,000. 2 on March 31,2015, all of Riveras equipment and machinery was destroyed by a fire in one of its facilities 3. On May 1,2015, the equipment was replaced at a cost of $625,000 and the machinery cost the compam 5420,000 to replace. The estimated useful lives and residual values remained the same as specified for th original machinery and equipment. The company paid cash for the new assets Required a. Prepare the journal entries required to record each of the above events and to record depreciation expense at the end of the year b. Determine the ending net book value of Riveras long-term operating assets on its December 31 2015 balance sheet Show the balance for each asset individually and in total . . NO I No Spa Heading 1 Heading 2 Title Subtitle Subtle Em Emphash Styles Informa related to the long-term operating assets of Rivera Retail Distributors, Inc. at December 31,2014, is as follows Balance Sheet Category Equipment Cont $ 500,000 Accumulated Depreciation Through 12/31/2014 $ 180,000 Estimated Useful Use Estimated Residual Vakse $ 50.000 10 Years Depan Method Double balanc Stron Straight $ 345,500 $ 127900 170.000 75,000 5.500 B Years 5 Years 2.800 Modbery Vehicles Leasehold Improvements Building Land s 65 400 $12.000.000 $ 4,560,000 21,80C 3.252.000 N/A 3 years 20 years NA -0 1,500,000 N/A Straight Straight NA The fiscal year end of the company is December 31. The following events occurred during 2015 1. On February 1, 2015, Rivera sold the vehicles to Wholesale Produce, Inc. for $15,000. 2 on March 31,2015, all of Riveras equipment and machinery was destroyed by a fire in one of its facilities 3. On May 1,2015, the equipment was replaced at a cost of $625,000 and the machinery cost the compam 5420,000 to replace. The estimated useful lives and residual values remained the same as specified for th original machinery and equipment. The company paid cash for the new assets Required a. Prepare the journal entries required to record each of the above events and to record depreciation expense at the end of the year b. Determine the ending net book value of Riveras long-term operating assets on its December 31 2015 balance sheet Show the balance for each asset individually and in total
