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Please answer all parts. Including numbers 20,21, and all of 23. Thank you i will rate very fast On January 1, Mitzu Company pays a
Please answer all parts. Including numbers 20,21, and all of 23. Thank you i will rate very fast
On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $823,500. with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,799,500. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading 5. 348,400 Cost to construct Building 3, having a useful life of 25 years and a $400, 000 satvage vatue 185,400 Cost of new Land Improvements 2, having a 20 -year usefut life and no salvage value 2,242,000 173,000 Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. On January 1, Mitzu Company pays a lump-sum amourt of $2,750,000 for land, Building 1, Buliding 2, and Land improvements 1 . Bullding 1 has no value and will be demolished. Building 2 will be an office and is appraised at $823,500, with o useful life of 20 years and a $80,000 sabvege value. Land improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,799,500. The company also incurs the following additional costs. Cost to denolish Building 1 Cost of additional. land grading Cost to construct Bustding 3. having a useful life of 25 years and a 5400 , ebo salvage value Cost of new Land Inprovenents 2, having a 20 -year usefut life and no satvage vatue 5. 348,460 185,490 2,242,000 173, eas Problem 8-3A (Algo) Part 2 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. Journal entry worksheet 4 Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Wube: Enter deans telse credia. 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. Journal entry worksheet Record the cost of the plant assets, paid in cash. Nobez Enter debila before credia. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were n use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credis. Cost of new Land Improvemnt's 2, haviing a 20-year useful ilfe and no salvage value - 173,000 Problem 8-3A (Algo) Part 1 Required: 1. Allocate the costs incurred by Mitzu to the appropriate columns and total each column. 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: fnter debits before credits. On January 1, Mitzu Company pays a hump-sum amoum of \$2,750,000 for land, Building 1, Building 2, and Land improvements 1. Building thas no value and will be demolished. Building 2 will be an office and is appraised at $823,500, with a useful life of 20 years and a $80,000 salvage value. Land improvements 1 is valued at $427,000 and is expected to last another 14 years with no salvoge value. The land is valued at $1,799,500. The company also incurs the following additional costs. Cost to denotish fustding 1 Cost of additienat land grading Cost to construct Buitding 3, having a usefut life of 25 years and a 5400, oee salvage value Cost of new land Inprovesents 2, having a 20 -year useful life and so salvage valve 534,400185,4802,242,600173,600 Problem 8-3A (Algo) Part 3 3. Using the straigh-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. Journal entry worksheet 34 Record the year-end adjusting entry for the depreciation expense of Bulling 2. Neses Enter debis before credia Step by Step Solution
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