During 2016, Chuns Book Store paid $485,000 for land and built a store in Cleveland. Prior to
Question:
1. Journalize transactions for the following:
a. Purchase of the land
b. All the costs chargeable to the building in a single entry
c. Depreciation on the building for 2016
Explanations are not required?
2. Report Chun's Book Store's plant assets on the company's balance sheet at December 31, 2016?
3. What will Chun's income statement for the year ended December 31, 2016, report for these facts?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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