Able Warehousing Co. decided to tear down and rebuild one of its storage units. The company spent $50,000 constructing the new storage units, $3,000 on paving, and $1,200 on new landscaping. Able Warehousing sold scrap materials from the old storage units to the building contractor for $900. Able Warehousing also spent $500 to repair damage done to an employee's truck during teardown of the old storage units. Determine the amounts to be allocated to various accounts.
Answer to relevant QuestionsEquipment acquired on January 3, 2012, at a cost of $380,000, has an estimated useful life of 16 years, an estimated residual value of $40,000, and is depreciated by the straight line method. a. What was the carrying amount ...Rogers Communications is a major telecommunications company in Canada. Rogers’ balance sheet disclosed the following information: Rogers’ total assets for 2008 were $17,082 million. The return on assets ratio for the ...Stark Communications Ltd. had the following account balances on January 1, 2015: During the year, the corporation completed the following transactions and adjusting entries affecting long-term assets. Mar. 10. Purchased an ...Whitehall Doll Company purchased 15 dolls for its inventory, paying $86 per doll. The dolls retail for $145 each. GST is 5%, PST is 8%, and Whitehall Doll Company keeps track of its inventory using the perpetual method. a. ...On June 30, New Wave Company purchased land for $250,000, equipment for $325,000, and a building for $500,000, paying $500,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of ...
Post your question