Add to 4. On September 8, 2020, Swanway Corporation purchased the following assets: a building, land,...

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Add to 4. On September 8, 2020, Swanway Corporation purchased the following assets: a building, land, and machinery. The appraised values of the assets were $1,113,000 for land, $556,500 for machinery, and $980,500 for the building. The total purchase price of all three assets was $2,320,000. The company paid cash of $400,000 and signed a note payable for the remaining balance. Required a) Complete the table to determine the cost of the assets. Do not enter dollar signs or commas in the input boxes. Round all numbers to 2 decimal places. Item Assessment Percent Applied to Cost Building $980,500 Answer % SAnswer Land $1,113,000 Answer % ŞAnswer Machinery $556,500 Answer % ŞAnswer Total $2,650,000 SAnswer b) Prepare the journal entry to record the purchase. Enter the debit accounts in alphabetical order. Enter the credit accounts in alphabetical order. Debit Credit Date Account Title and Explanation Sep 8 Answerl Answer Answer Answer Answer Answerl Answerl Answerl Answerl Answerl To record the purchase of assets Check 11 A Edit c Create E Sha On December 31, 2014 GHI Company purchased equipment worth $300,000. The equipment has a useful life of six years and no residual value. Depreciation is recorded beginning the month after acquisition and will be recorded up 5. until the month of disposal. The company uses the straight-line method of depreciation. Required a) Given that the company's year end is December 31, complete the following table, Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2015 $300,000 $Answer ŞAnswer ŞAnswer 2016 $300,000 SAnswer ŞAnswer SAnswer 2017 $300,000 SAnswer SAnswer ŞAnswer 2018 $300,000 ŞAnswer SAnswerl SAnswer 2019 $300,000 ŞAnswer SAnswer SAnswer 2020 $300,000 $Answer SAnswer ŞAnswerl b) On June 30, 2020, GHI Company sold the equipment for $4,000 Prepare the journal entry to record the depreciation on the disposal and the sale, You will need to recalculate the depreciation expense for 2020 from part a) to account for the sale part- way through the year. Enter all debit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jun 30 Answer Answer Answer Answerl To update depreciation before disposal Jun 30 Answer Answer Answerl Answer! 111 Answerl Answer Answer! Answer To record the sale of equipment Check Equipment was purchased on January 1, 2017 for $80,000. The asset is expected to last for four years, at which time the estimated residual value will be $11,000. 6. Required a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value. The company uses straight-line depreciation. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2017 S80,000 SAnswerl SAnswer SAnswerl 2018 $80,000 ŞAnswer SAnswerl SAnswerl 2019 $80,000 SAnswer SAnswerl SAnswerl 2020 S80,000 SAnswerl ŞAnswer SAnswer b) The asset was sold for $16,000 on the first day of 2021. Prepare the journal entry to record the sale. Enter all debit accounts in alphabetical order. Enter all credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jan 1 Answerl Answerl Add to 4. On September 8, 2020, Swanway Corporation purchased the following assets: a building, land, and machinery. The appraised values of the assets were $1,113,000 for land, $556,500 for machinery, and $980,500 for the building. The total purchase price of all three assets was $2,320,000. The company paid cash of $400,000 and signed a note payable for the remaining balance. Required a) Complete the table to determine the cost of the assets. Do not enter dollar signs or commas in the input boxes. Round all numbers to 2 decimal places. Item Assessment Percent Applied to Cost Building $980,500 Answer % SAnswer Land $1,113,000 Answer % ŞAnswer Machinery $556,500 Answer % ŞAnswer Total $2,650,000 SAnswer b) Prepare the journal entry to record the purchase. Enter the debit accounts in alphabetical order. Enter the credit accounts in alphabetical order. Debit Credit Date Account Title and Explanation Sep 8 Answerl Answer Answer Answer Answer Answerl Answerl Answerl Answerl Answerl To record the purchase of assets Check 11 A Edit c Create E Sha On December 31, 2014 GHI Company purchased equipment worth $300,000. The equipment has a useful life of six years and no residual value. Depreciation is recorded beginning the month after acquisition and will be recorded up 5. until the month of disposal. The company uses the straight-line method of depreciation. Required a) Given that the company's year end is December 31, complete the following table, Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2015 $300,000 $Answer ŞAnswer ŞAnswer 2016 $300,000 SAnswer ŞAnswer SAnswer 2017 $300,000 SAnswer SAnswer ŞAnswer 2018 $300,000 ŞAnswer SAnswerl SAnswer 2019 $300,000 ŞAnswer SAnswer SAnswer 2020 $300,000 $Answer SAnswer ŞAnswerl b) On June 30, 2020, GHI Company sold the equipment for $4,000 Prepare the journal entry to record the depreciation on the disposal and the sale, You will need to recalculate the depreciation expense for 2020 from part a) to account for the sale part- way through the year. Enter all debit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jun 30 Answer Answer Answer Answerl To update depreciation before disposal Jun 30 Answer Answer Answerl Answer! 111 Answerl Answer Answer! Answer To record the sale of equipment Check Equipment was purchased on January 1, 2017 for $80,000. The asset is expected to last for four years, at which time the estimated residual value will be $11,000. 6. Required a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value. The company uses straight-line depreciation. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2017 S80,000 SAnswerl SAnswer SAnswerl 2018 $80,000 ŞAnswer SAnswerl SAnswerl 2019 $80,000 SAnswer SAnswerl SAnswerl 2020 S80,000 SAnswerl ŞAnswer SAnswer b) The asset was sold for $16,000 on the first day of 2021. Prepare the journal entry to record the sale. Enter all debit accounts in alphabetical order. Enter all credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jan 1 Answerl Answerl

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