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Logic Co. recently negotiated a lump sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1, 2020, at a total cash price of $1,280,000 and included a building, land, certain land improvements, and 12 vehicles. The estimated market values of the assets were building. $552.000, land, $593,400, land improvements, $82,800, and vehicles, 5151.800. The company's fiscal year ends on December 31 Required: 1. Complete the following schedule to allocate the lumpsum purchase price to the separate assets that were purchased. Also present the journal entry to record the purchase Market Value Percentage of Total oportioned Cost Building Land Land improvements Vehicles 5 03 0 2. Calculate the 2020 depreciation expense on the building using the straight-line method to the nearest whole month, assuming a 15- year life and a $17.000 residual value Decacbone per 3. Calculate the 2020 depreciation expense on the land improvements assuming a five-year life, $10.000 residual, and double declining-balance depreciation calculated to the nearest whole month Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance Account Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Merchandise inventary Note payable Sales Tarifa Sharma, capital Unearned revenues Balance $ 12,120 20,700 80, 100 38,300 21,800 970 137, 300 11,9ee 91,100 762,100 51,050 106,050 35,650 86,258 904, 110 63,380 8,820 Other Information: 1. All accounts have normal balances 2. $27,300 of the note payable balance is due by October 31, 2021. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule, Asset Land Building Equipent Furniture Recoverable value $137,300 105,500 29,500 16,300 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2020. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" In the first account field.) View transaction list View journal entry worksheet Debit No Credit General Journal Date 1 Oct 31, 2020 Land 31.250 31.250 2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed assets In order of land, building, equipment, and furniture. Emer all amounts as positive values:) DISCO Assets Current assets 0 $ Total current assets Property, plant and equipment 0 01 0 0 Total property, plant and equipment Total assets 0 Liabilities Curreat liabilities 5 0 Total current liabides Non-current liabilities: Total abilities $ 0 Equity Total abilities and equity $ 0 The following alphabetized list of selected adjusted account balances is from the records of Jasper Company on December 31, 2020 Accounts Payable Accumulated Depreciation Equipment Estimated Warranty Liability GST Payable Mortgage Payable, $39,000 due Dec 31, 2021 Notes Payable, due April 1, 2021 Notes Payable, due April 1, 2024 PST Payable Warranty Expense $ 75,000 50,000 16,900 10,200 374,000 16,200 118,00 8,000 15,200 Required: Prepare the current liability section of Jasper Company's 2020 balance sheet JASPER COMPANY Partial Balance Sheet December 31, 2020 Current liabilities Total current liabilities $ Assume Proteine on October 15 purchased $6.400 dice on credit Therecorded of 55.600.cost of sales was $5.200 Record October and October 16. Roundthews decals) NB 73 G CE Recente 18 To the 16 On October 6, 2020, Norwood Co, an office equipment supplier, sold a copier for cash of $30,000 (cost $18.400) with a two year parts and labour warranty Based on prior experience, Norwood expects eventually to incur warranty costs equal to 4% of the selling price The fiscal year coincides with the calendar year. On January 15, 2021, the customer returned the copler for repairs that were completed the same day. The cost of the repairs consisted of $418 for the materials taken from the parts inventory and $568 of labour that was fully paid with cash These were the only repairs required in 2021 for this copier Required: 1. How much warranty expense should the company report in 2020 for this copier? Warranty expense 2. How much is the warranty liability for this copier as of December 31, 2020? Warranty liability 3. How much warranty expense should the company report in 2021 for this copier? Warranty expense 4. How much is the warranty ability for this copier as of December 31, 2021? Warranty Mabilly 5. Prepare the journal entries that would be made to record (a) the sale (assume a perpetual inventory system): (b) the adjustment on December 31, 2020, to record the warranty expense, and (c) the repairs that occurred in January 2021. Ignore sales taxes. View transactions Journal entry worksheet 4 Record the cost of the Dec. 6 sale. Note: Enter debits before credits. Debit Credit Date General Journal October 06, 2020 View general journal Clear entry Record entry Journal entry worksheet