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Utilizing the balance sheet below, allocate the debt using the Remedial method: Assets Cash 250,000 Building 5,000,000 Acc. Depreciation (1,265,823) Land 1,000,000 Other Assets 50,000
Utilizing the balance sheet below, allocate the debt using the Remedial method:
Assets | |
Cash | 250,000 |
Building | 5,000,000 |
Acc. Depreciation | (1,265,823) |
Land | 1,000,000 |
Other Assets | 50,000 |
TOTAL ASSETS | $ 5,034,177 |
Liabilities | |
Bank Loan | (5,200,000) |
TOTAL LIABILITIES | (5,200,000) |
Equity | |
Ruth Contributions | (450,000) |
Ruth Distributions | 500,000 |
Ruth Income Allocation | (8,544) |
EQUITY RUTH | 41,456 |
DiMaggio Contributions | (450,000) |
DiMaggio Distributions | 500,000 |
DiMaggio Income Allocation | (8,544) |
EQUITY DIMAGGIO | 41,456 |
Jackson Contributions | (450,000) |
Jackson Distributions | 500,000 |
Jackson Income Allocation | (8,544) |
EQUITY JACKSON | 41,456 |
Berra Contributions | (450,000) |
Berra Distributions | 500,000 |
Berra Income Allocation | (8,545) |
EQUITY BERRA | 41,455 |
Jeter Contributions | - |
Jeter Distributions | - |
Jeter Income Allocation | - |
EQUITY JETER | - |
TOTAL EQUITY | 165,823 |
TOTAL LIABILITIES & EQUITY | $ (5,034,177) |
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