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Please help Item 1: Entity A incurred the following during the year in which it constructed a new facility. List the items and amounts that
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Item 1: Entity A incurred the following during the year in which it constructed a new facility. List the items and amounts that make up the Land account. Be sure to provide a total. Item 2: Equipment with a cost of $145,000 has an estimated salvage value of $20,000 and an estimated life of 8 years. Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the second year (prepare a partial classified balance sheet). Item 3: Equipment (vehicle) that cost $59,000 and on which $32,000 of accumulated depreciation has been recorded was disposed of for $11,000 cash. Make the entry to record this transaction. Hint: Compute BV and then gain (loss). Item 1: Entity A incurred the following during the year in which it constructed a new facility. List the items and amounts that make up the Land account. Be sure to provide a total. Item 2: Equipment with a cost of $145,000 has an estimated salvage value of $20,000 and an estimated life of 8 years. Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the second year (prepare a partial classified balance sheet). Item 3: Equipment (vehicle) that cost $59,000 and on which $32,000 of accumulated depreciation has been recorded was disposed of for $11,000 cash. Make the entry to record this transaction. Hint: Compute BV and then gain (loss)Step by Step Solution
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