Required information [The following Information applies to the questions displayed below) On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 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 $690,000, with a useful life of 20 years and a $70,000 salvage value. Land improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,890,000. The company also incurs the following additional costs. $ 344,400 187,400 Cost to demolish Building 1 Cost of additional land grading Cost to construct Building), having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2.202.000 178,000 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1 View transaction ist Journal entry worksheet Record the cost of the plant assets, paid in cash. Note Enter debits before credits Date General Journal Debit Credit Jan 01 Record entry Clear entry View general Journal Test 5-8 27 Required information The following information applies to the questions displayed below.) On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 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 $690,000, with a useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1.890,000. The company also incurs the following additional costs. 3 of 3 $ 344,400 187,400 00:39:21 Cost to demolish Building 1 Cont of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,202,000 178,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use View transaction lit Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Land Improvements 1. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.) On January 1, Mitzu Co. pays a lump-sum amount of $2,650,000 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 $690,000, with a useful life of 20 years and a $70,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1.890,000. The company also incurs the following additional costs. $ 344,400 187,400 Cost to demolish Building 1 Cont of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2 having a 20-year useful life and no salvage value 2,202,000 178,000 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. View transaction list Journal entry worksheet 1 2 3 Record the year-end adjusting entry for the depreciation expense of Land Improvements 2. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal Required information The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Total $635,000 Accounts receivable Percent uncollectible $409,000 20 1 to 30 $ 103,000 38 31 to 60 61 to 90 $49,000 $31,000 68 88 Over 90 $ 43,000 116 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,900 credit c. Prepare the adjusting entry to record bad debts expense using the estimate from part o. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Complete this question by entering your answers in the tabs below. Reg A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable Accounts Percent Receivable Uncollectible (%) Not due: X 1 to 30: x 31 to 60 X 61 to 90: X Over 90 Estimated balance of allowance for uncollectibles $ 0 Ron Req Band C > Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $635,000 Accounts receivable Percent uncollectible 1 to 30 $100,000 $409,000 20 31 to 60 61 to 90 $49,000 $31.000 80 Over 90 $43,000 118 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bed Debts Expense using the estimate from part a. Assume the unadjusted balance in the c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Complete this question by entering your answers in the tabs below. Reg A Red B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,900 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Show less View transaction list Journal entry worksheet