Question: During June 2014 Green Grocer Inc decided to build a
During June 2014, Green Grocer Inc. decided to build a new warehouse and purchased land for $850,000. By the end of the month, $72,000 has been spent on excavation costs, $12,000 on paving, and $30,000 on architect-developed plans. Green Grocer Inc. also spent $400 to replace a tree on a neighbouring property that was damaged by the excavator. Determine the amounts to be allocated to the various accounts, using Construction in Progress for the new building costs.
Relevant QuestionsFallon Company had the following information for the years ended December 31. a. Determine the return on assets ratio for 2014 and 2013. b. Does the change in the return on assets ratio from 2013 to 2014 indicate a ...In January 2010, Trenton Tents Ltd. paid $345,000 for equipment that had an estimated useful life of 16 years and an expected residual value of $25,000. At the end of 2014, an appraisal of the equipment indicated a market ...Equipment acquired on January 11, 2012, at a cost of $265,500, has an estimated useful life of eight years and an estimated residual value of $31,500. a. What was the total amount of depreciation for the years 2012, 2013, ...Crane Company purchased a company on November 11, 2014, paying $1,150,000 for assets with the following fair values: Asset Fair Value Land ................ $ 200,000 Buildings .............. 350,000 Factory equipment ...Using the financial statements of Leon’s Furniture Limited and Shoppers Drug Mart Corporation in Appendixes B and C, answer the following questions: 1. What depreciation methods are used for property, plant, and equipment ...
Post your question