On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when they were trading $20 each. September 1, 2016, when the market was soaring, Alpha reissued 500 shares of treasury stock at the going market rate […]
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) ATTACHMENT PREVIEW Download attachment 2019-10-04.png Step Looking for a Similar Assignment? Order […]
1) Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The truck is expected to have a $3,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the […]
Somerset Company acquired a piece of equipment with a list price of $200,000 for $172,000. Freight to Somerset’s location was $5,000. Installation and testing costs were $5,500. An old piece of equipment was scrapped as a result of this new purchase. The old piece of equipment had a depreciated value (net book value) of $8,000. The new piece of equipment […]
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