Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please as soon as possible in between half hour provides a new och mung 200 Click the conversation date Required Recent OF bity Freight has
please as soon as possible in between half hour
provides a new och mung 200 Click the conversation date Required Recent OF bity Freight has a separate accumulated amo that Quality Freight comp data) Transaction Data - X 's general journal th a book value of $95.000 ercial substance (Record of $125,000 on the old truck and paid them Journal Ent Accounts Feb 6 Traded in the old moving truck with a book value of $95.000 (cost of $320,000) for a similar new truck with a fair market value of $340,000. Quality Freight received a trade in allowance of $125,000 on the old truck and paid the remainder in cash This transaction met the criteria for commercial substance Jun 3 Sold a building that had cost $1.700,000 and had accumulated amortization of $600,000 a through December 31, 2019 Amortization is computed on a straight-line basis. The bulding has a 40-year useful life and a residual value of $175,000 Quality Freight received $320,000 cash and a $1.400.000 note receivable. Sep 25 Purchased land and a building for cash for a single pnce of 5830 000 An independent appraisal valued the land at $270,000 and the building at $395.000 Dec 31 The truck has an expected useful life of four years and estimated residual value of 6 percent of cost Amortization is computed using the DDB method Amortization on buildings is computed by the straight-ane method The company had assigned to its older buildings, which cost $4,250 000. an estimated useful life of 30 years with a residual value equal to 30 percent of the asset cost. However, the owner of Quality Freight has come to believe that the buildings will remain useful for a total of 35 years Residual value remains unchanged. The company has used all its buildings, except for the one purchased on September 25 for 10 years. The new building carries 35-year useful life and a residual value equal to 30 percent of its cost. Make separate entries for amortization on the building acquired on September 25 and the other buildings purchased in earlier years as a 40-year useful life and a residual value of 51 700 000 and had accumulate and a 51.400.000 nole recen we must record the amort Journal Ent Print Done Accounts Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started