Parker Piano Company purchases a tract of land and an existing building for $1,000,000 The company plans to remove the old building and construct a new building on the site In addition to the purchase price, Parker pays closing costs, including title insurance of $3,000 The company also pays $14,000 in property taxes, which includes $9,000 of back taxes (unpaid taxes from previous years) paid by Parker on behalf of the seller and $5,000 due for the current fiscal year after the purchase date Shortly after closing, the company pays a contractor $50,000 to tear down the old building and remove it from the site Parker is able to sell salvaged materials from the old building for $5,000 and pays an additional $11,000 to level the land Determine the cost of the land Depreciation and Disposal The Parker Piano Company purchased a Delivery Truck on January 1, 2025 for $50,000 which included all costs to get the asset ready for use The truck has an anticipated life of 100,000 miles or 4 years The estimated residual value at the end of the assets service life is expected to be $2,000 For assets of this type, the company utilizes the straight line depreciation method Record the purchase of the asset Date Account Name Debit Credit Complete the depreciation table below Period Ended Depreciation Expense Accumulated Depreciation End of Period Book Value December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 Record the entry for December 31, 2025 to record the depreciation for the year Date Account Name Debit Credit Suppose the company sells the van on December 31, 2027 for $18,000 cash Provide the journal entry to record the sale Date Account Name Debit Credit Assume the company chooses to use the units of production method Based on the information below, complete the depreciation schedule Year Miles Driven 2025 27,000 2026 24,000 2027 32,000 2028 22,000 Period Ended Depreciation Expense Accumulated Depreciation End of Period Book Value December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 C) Record the entry for December 31, 2005 to record the depreciation for the year Date Account Name Cre Chapter 7 Homework Acquisition of An Asset Parker Piano Company purchases atract of land and an existing building for $1 000 000 The company plans to remove the old building and construct a new building on the site In addition to the purchase price Parker paydoning costs, including the insurance of $3 000 The company to pay $14,000 in property, which includes $9 000 of back to furpaldas from previous years) paid by Parker on behalf of these and $5 000 due for the current local year after the purchase date Shortly after closing the company pays a contractor 350,000 to tear down the old building and remove from the site Parker is able to sel salvaged materials from the old building for $5,000 and pays an additional $11,000 to love the land Determine the cost of the land Dj Suppose the company as the van on December 31, 2027 for $18 000 cash Provide the Journal entry to record the sale Date Account Name Debat Crede Depreciation and Disposal The Parker Piano Company purchased a Delivery Truck on January 1, 2025 for $50,000 which indluded all costs to get the asset ready for use The truck has an anticipated ife of 100 000 miles or years The estimated residual value at the end of the assets service life is expected to be 52,000 For assets of this type, the company utilizes the straight line depreciation method A) Record the purchase of the Account Name Debe Credit De Assume the company choose to use the units of production method Based on the Information below complete the depreciation schedule Year Miles Driven 2005 27 000 2006 24000 2007 32 000 2000 72 000 B) Complete the depreciation table below Period Ended Depreciation Expense Accumuwied Depreciation End of Period Book Value Period Ended Depreciation Expense Accumulated Depreciation End of Period Book Value December 31, 2025 December 31, 2025 December 31, 2020 December 31, 2020 December 31, 2027 December 31, 2027 December 31, 2020 December 31, 2028

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Parker Piano Company purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a

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Parker Piano Company purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a new building on the site. In addition to the purchase price, Parker pays closing costs, including title insurance of $3,000. The company also pays $14,000 in property taxes, which includes $9,000 of back taxes (unpaid taxes from previous years) paid by Parker on behalf of the seller and $5,000 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $50,000 to tear down the old building and remove it from the site. Parker is able to sell salvaged materials from the old building for $5,000 and pays an additional $11,000 to level the land.

Determine the cost of the land.

Depreciation and Disposal

The Parker Piano Company purchased a Delivery Truck on January 1, 2025 for $50,000 which included all costs to get the asset ready for use. The truck has an anticipated life of 100,000 miles or 4 years. The estimated residual value at the end of the assets service life is expected to be $2,000. For assets of this type, the company utilizes the straight-line depreciation method.

Record the purchase of the asset.

Date	Account Name	Debit	Credit

Complete the depreciation table below.

Period Ended	Depreciation Expense	Accumulated Depreciation	End of Period Book Value
December 31, 2025
December 31, 2026
December 31, 2027
December 31, 2028

Record the entry for December 31, 2025 to record the depreciation for the year.

Date	Account Name	Debit	Credit

Suppose the company sells the van on December 31, 2027 for $18,000 cash. Provide the journal entry to record the sale.

Date	Account Name	Debit	Credit

Assume the company chooses to use the units-of-production method. Based on the information below, complete the depreciation schedule.

Year	Miles Driven
2025	27,000
2026	24,000
2027	32,000
2028	22,000

Period Ended	Depreciation Expense	Accumulated Depreciation	End of Period Book Value
December 31, 2025
December 31, 2026
December 31, 2027
December 31, 2028

C) Record the entry for December 31, 2005 to record the depreciation for the year. Date Account Name Cre Chapter 7 Homework Acquisition of An Asset Parker Piano Company purchases atract of land and an existing building for $1.000.000. The company plans to remove the old building and construct a new building on the site. In addition to the purchase price. Parker paydoning costs, including the insurance of $3.000. The company to pay $14,000 in property, which includes $9.000 of back to furpaldas from previous years) paid by Parker on behalf of these and $5.000 due for the current local year after the purchase date. Shortly after closing the company pays a contractor 350,000 to tear down the old building and remove from the site. Parker is able to sel salvaged materials from the old building for $5,000 and pays an additional $11,000 to love the land Determine the cost of the land Dj Suppose the company as the van on December 31, 2027 for $18.000 cash. Provide the Journal entry to record the sale Date Account Name Debat Crede Depreciation and Disposal The Parker Piano Company purchased a Delivery Truck on January 1, 2025 for $50,000 which indluded all costs to get the asset ready for use. The truck has an anticipated ife of 100.000 miles or years. The estimated residual value at the end of the assets service life is expected to be 52,000 For assets of this type, the company utilizes the straight line depreciation method A) Record the purchase of the Account Name Debe Credit De Assume the company choose to use the units-of-production method. Based on the Information below.complete the depreciation schedule Year Miles Driven 2005 27.000 2006 24000 2007 32.000 2000 72.000 B) Complete the depreciation table below. Period Ended Depreciation Expense Accumuwied Depreciation End of Period Book Value Period Ended Depreciation Expense Accumulated Depreciation End of Period Book Value December 31, 2025 December 31, 2025 December 31, 2020 December 31, 2020 December 31, 2027 December 31, 2027 December 31, 2020 December 31, 2028