Leslie Manufacturing Company purchased land adjacent to its factory for the installation of a holding area for equipment. Expenditures by the company were as follows: purchase price, $ 173,000; paving, $ 5,300; title search and other fees, $ 760; grading, $ 3,000; demolition of a shack on the property, $ 4,600; lighting, $ 8,200; signs, $ 2,850; broker’s fees, $ 10,240; and landscaping, $ 10,600. Determine the amount that should be debited to the Land account and record the journal entry assuming that Leslie purchased the land with cash.
Answer to relevant QuestionsFranklin Plumbing purchases land and building for a combined price of $ 525,000. The assessor valued this property for tax purposes at $ 410,000: $ 195,000 for the land and $ 215,000 for the building. Record the journal ...On June 20, JAX Communications sold editing equipment for $ 1,550 that cost $ 3,800. Accumulated depreciation up to the end of the previous year was $ 2,350. Monthly depreciation is $ 32. Make the necessary general journal ...The general ledger of Bray Personnel Service includes controlling accounts for Office Equipment, No. 123, and Accumulated Depreciation, Office Equipment, No. 124. Bray’s accountant also records the details of each item of ...Now that you understand how a company accounts for property and equipment, let’s review Ford Motor Company’s long-term assets. Go to http://corporate.ford.com / investors and click Reports & SEC Filings, then Annual ...The partnership agreement of Sigmon and Willie provides for salary allowances of $ 78,000 per year for Sigmon and $ 66,000 per year for Willie. They share the remaining balance of net income on the basis of three-fifths for ...
Post your question