1. Good Deal Banners pays $260,000 cash for a group purchase of land, building, and equipment....

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1. Good Deal Banners pays $260,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $40,500, the building $135,000, and the equipment $94,500. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset Percentage Market Value of Total Value Total Purchase Price Assigned Cost of Each Asset Asset Land % Building Equipment Total 4. BB Petroleum holds huge reserves of oil. Assume that at the end of 2017, BB Petroleum's cost of oil roserves totaled S408,000,000, representing 240,000,000 barrels of oil. Suppose BB Petroleum removed and sold 24,000,000 barels of oil during 2018 Journalize depletion experse for 2018 (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit 1. Good Deal Banners pays $260,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $40,500, the building $135,000, and the equipment $94,500. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset Percentage Market Value of Total Value Total Purchase Price Assigned Cost of Each Asset Asset Land % Building Equipment Total 4. BB Petroleum holds huge reserves of oil. Assume that at the end of 2017, BB Petroleum's cost of oil roserves totaled S408,000,000, representing 240,000,000 barrels of oil. Suppose BB Petroleum removed and sold 24,000,000 barels of oil during 2018 Journalize depletion experse for 2018 (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

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BB petroleum Depreciation expenses per Barrel Cost of Oil Rese... View the full answer