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The following expenditures were incurred by Grouper Company in purchasing land: cash price $80,000, accrued taxes $3,500, attorneys' fees $2,100, real estate broker's commission $1,600,
The following expenditures were incurred by Grouper Company in purchasing land: cash price $80,000, accrued taxes $3,500, attorneys' fees $2,100, real estate broker's commission $1,600, and clearing and grading $5,100. What is the cost of the land? Cost of the land $ Concord Company acquires a delivery truck at a cost of $44,000. The truck is expected to have a salvage value of $16,000 at the end of its 5-year useful life. Compute annual depreciation expense for the first and second years using the straight-line method. On January 1, 2020, Swifty Country Club purchased a new riding mower for $19,000. The mower is expected to have an 5-year life with a $4,000 salvage value. What journal entry would Swifty make at December 31, 2020, if it uses straight-line depreciation? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Monty Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 154,000 miles. Taxi no. 10 cost $57,240 and is expected to have a salvage value of $1,800. Taxi no. 10 is driven 31,300 miles in year 1 and 24,400 miles in year 2. (a1) Calculate depreciation cost per mile using unit-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation cost $ per mile
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