Entries by Munene david

February 1, 2018, Salisbury Company purchased land for the future

May 4, 2020 in /by

February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $87,000.  The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were: Using this information, how […]

 

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1) Frederick Mining Company owns a large parcel of land which costs

May 4, 2020 in /by

1) Frederick Mining Company owns a large parcel of land which costs $1,050,000. It is estimated to contain 1,700,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $200,000. In 2018, Frederick […]

 

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Bowie Company uses a calendar year and the straight line depreciation

May 4, 2020 in /by

Bowie Company uses a calendar year and the straight line depreciation method. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $22,000, the salvage value assumed was $1,500 and the original estimated life was five years.. It was sold for […]

 

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Annapolis Company was recently sold for $470,000.

May 4, 2020 in /by

Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Using this information, how much should be recorded as Goodwill for this transaction?  ATTACHMENT PREVIEW Download attachment 2019-10-04 (2).png Item Amount Accounts Receivable assumed by buyer $93,000 Inventory $275,000 Property, Plant & Equipment (net) […]

 

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