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Posted on Jul 04, 2024

Stand Alone Asset Price Proportion Allocation Land $ 280,000.00 20% $240,000.00 Building $910,000.00 65% $ 780,000.00 Equipment $ 210,000.00 15% $ 180,000.00 Total $1,400,000.00 $

Stand Alone Asset Price Proportion Allocation Land $ 280,000.00 20% $240,000.00 Building $910,000.00 65% $ 780,000.00 Equipment $ 210,000.00 15% $ 180,000.00 Total $1,400,000.00 $ 1,200,000.00 Date Credit July 1, 2018 Land Building Equipment Cash Journal Entry Debit $ 240,000.00 $ 780,000.00 $ 180,000.00 $ 1,200,000.00 2) Refer to the data in the previous question. (20 points) A. Calculate the depreciation expense for the building for all years. B. Calculate the depreciation expense for the equipment for all vears. (Be sure to begin with the correct asset cost from your calculation in question 1) 1) On July 1 2018, Mark Incorporated acquired assets in a lump-sum purchase by paying $1,200,000 in cash. Information related to the assets is below. (5 points) Required: Prepare the journal entry to record the purchase. Stand Alone Asset Price Proportion Allocation Land $ 280,000.00 20% $240,000.00 Building 65% $ 780,000.00 Equipment $910,000.00 $ 210,000.00 $1,400,000.00 15% $ 180,000.00 Total $ 1,200,000.00 Credit Date July 1, 2018 Land Building Equipment Cash Journal Entry Debit $ 240,000.00 $ 780,000.00 $ 180,000.00 $ 1,200,000.00 2) Refer to the data in the previous question. (20 points) A. Calculate the depreciation expense for the building for all years. B. Calculate the depreciation expense for the equipment for all years. (Be sure to begin with the correct asset cost from your calculation in question 1) Stand Alone Asset Price Proportion Allocation Land $ 280,000.00 20% $240,000.00 Building $910,000.00 65% $ 780,000.00 Equipment $ 210,000.00 15% $ 180,000.00 Total $1,400,000.00 $ 1,200,000.00 Date Credit July 1, 2018 Land Building Equipment Cash Journal Entry Debit $ 240,000.00 $ 780,000.00 $ 180,000.00 $ 1,200,000.00 2) Refer to the data in the previous question. (20 points) A. Calculate the depreciation expense for the building for all years. B. Calculate the depreciation expense for the equipment for all vears. (Be sure to begin with the correct asset cost from your calculation in question 1) 1) On July 1 2018, Mark Incorporated acquired assets in a lump-sum purchase by paying $1,200,000 in cash. Information related to the assets is below. (5 points) Required: Prepare the journal entry to record the purchase. Stand Alone Asset Price Proportion Allocation Land $ 280,000.00 20% $240,000.00 Building 65% $ 780,000.00 Equipment $910,000.00 $ 210,000.00 $1,400,000.00 15% $ 180,000.00 Total $ 1,200,000.00 Credit Date July 1, 2018 Land Building Equipment Cash Journal Entry Debit $ 240,000.00 $ 780,000.00 $ 180,000.00 $ 1,200,000.00 2) Refer to the data in the previous question. (20 points) A. Calculate the depreciation expense for the building for all years. B. Calculate the depreciation expense for the equipment for all years. (Be sure to begin with the correct asset cost from your calculation in question 1)