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Please help me with this question. Thank you! Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment . Brown

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Please help me with this question. Thank you!

Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment . Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: 1 Click the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all joumal entries.) 1 Jan 1: Traded in motor-carrier equipment with accumulated depreciation of $90,000 (cost of $128,000) for similar new equipment with a cash cost of $164,000. Brown Freightway received a trade-in allowance of $72,000 on the old equipment and paid the remainder in cash. (Prepare a compound joumal entry to record this transaction.) Journal Entry Date Accounts Debit Credit Jan 1 Jul 1: Sold a building that cost $545,000 and had accumulated depreciation of $245,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $45,000. Brown Freightway received $90,000 cash and a $330,000 nole receivable Start by recording depreciation expense on the building through July 1. Journal Entry Date Accounts Debit Credit Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: 1 Cilick the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debils first, then credits. Exclude explanations from all joumal entries.) Jul 1: Sold a building that cost $545,000 and had accumulated depreciation of $245,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $45,000. Brown Freightway received $90,000 cash and a $330,000 note receivable. Start by recording depreciation expense on the building through July 1. Journal Entry Date Accounts Debit Credh Now record the sale of the building. Journal Entry Accounts Date Debit Credit 1 Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: 1 Ciuck the icon to view transaction data.) Requirement 1. Record the transactions in Browni Freightway's journal. (Record debits first, then credits. Exclude explanations from all joumal entries.) Oct 31: Purchased land and a building for a cash payment of $250.000. An independent appraisal valued the land at $37,500 and the building at $275,000. (Do not round intermediary calculations. Only round the amounts you input into the Joumal entry table to the nearest dollar.) Journal Entry Date Accounts Debit Credit Oct 31 Dec 31: Recorded depreciation on the equipment. New motor-carrier equipment has an expected useful life of 700,000 miles and an estimated residual value of $24,000. Depreciation method is the units-of-production method. During the year, Brown Freightway drove the equipment 110,000 miles. (Round depreciation per unit to the nearest cent.) Journal Entry Accounts Date Debit Credit Dec 31 Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: Click the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) Dec 31: Recorded depreciation on the equipment, New motor-carrier equipment has an expected useful life of 700,000 miles and an estimated residual value of $24,000. Depreciation method is the units of production method. During the year, Brown Freightway drove the equipment 110,000 miles. (Round depreciation per unit to the nearest cent.) Journal Entry Accounts Debit Credit Date Dec 31 Dec 31: Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $19,600. (Do not round intermediary calculations. Only round the amounts you input into the joumal entry table to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31 More info Jan 1 Jul 1 Traded in motor-carrier equipment with accumulated depreciation of $90,000 (cost of $128,000) for new equipment with a cash cost of $164,000. Brown Freightway received a trade-in allowance of $72,000 on the old equipment and paid the remainder in cash. Sold a building that cost $545,000 and had accumulated depreciation of $245,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $45,000. Brown Freightway received $90,000 cash and a $330,000 note receivable. Purchased land and a building for a cash payment of $250,000. An independent appraisal valued the land at $37,500 and the building at $275,000. Recorded depreciation as follows: New motor-carrier equipment has an expected useful life of 700,000 miles and an estimated residual value of $24,000. Depreciation method is the units-of-production method. During the year, Brown Freightway drove the equipment 110,000 miles. Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $19,600. Oct 31 Dec 31 Print Done

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