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You purchased a building, equipment and a truck for $700,000 cash. The building has an appraisal value of $400,000, the equipment $300,000 and a truck
| You purchased a building, equipment and a truck for $700,000 cash. The building has an | |||||||||
| appraisal value of $400,000, the equipment $300,000 and a truck appraised at $100,000 | |||||||||
| Determine the cost to be assigned to each asset and prepare the journal entry to make | |||||||||
| the purchase. | |||||||||
| JOURNAL ENTRY | |||||||||
| The building has a 20 year life expectancy and a $25,000 salvage value. It will be | |||||||||
| depreciated using the straight-line method. Assume at the end of the 8th year | |||||||||
| the building is sold for $150,000 cash | |||||||||
| What is the journal entry to report the sale of the building. | |||||||||
| Journal Entry: you will probably have extra lines. | |||||||||
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The Quest For A Science Of AccountingAn Anthology Of The Research Of Robert R. Sterling
Authors: Thomas A. Lee, Peter W. Wolnizer
1st Edition
0367698196, 9780367698195
