Question: Chapter 8: Please provide tables with the right calculations: ffRodriguez Company pays $395,380 for real estate with land, land Improvements, and a building. Land is
Chapter 8: Please provide tables with the right calculations:
\f\fRodriguez Company pays $395,380 for real estate with land, land Improvements, and a building. Land is appraised at $157,040; land Improvements are appraised at $58,890; and the building is appraised at $176,670. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Appraised Percent of Total x Total Cost of Value Appraised Value Acquisition = Apportioned Cost Land Land improvements Building Totals Required 2 >\f\fOki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment's productivity. 2. Paid $6,250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to Increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet B Record the betterment cost of $22,000 paid in cash. Note: Enter debits before credits. Transaction Record entry Clear entry View general journal 1 OF 5 Next >Check my Analyze each of the following transactions by showing Its effects on the accounting equation-specifically, Identify the accounts and amounts (Including + or -) for each. Jan. 1 Purchased equipment for $25,090 cash. Estimated useful life is six years and salvage value is $6,900. Jan. 2 Paid $5,090 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. Aug . 15 Paid $209 cash for minor repair costs to equipment. Date Assets Liabilities Equity Jan. 1 Jan. 2 Aug. 15\fApex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four-year life and a $2,400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,000 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year, Book Value at the End of Year 2 Cost 23,860 Accumulated depreciation 2 years Book value at point of revision 23,860 Required 2A company pays $760,000 cash to acquire an iron mine on January 1. At that same time, It incurs additional costs of $60,000 cash to access the mine, which is estimated to hold 100,000 tons of iron. The estimated value of the land after the iron is removed is $20,000. (If no entry Is required for a transaction/event, select "No journal entry required" In the first account field.) 1. Prepare the January 1 entry to record the cost of the Iron mine. 2. Prepare the December 31 year-end adjusting entry if 20,000 tons of iron are mined but only 18,000 tons are sold the first year. View transaction list Journal entry worksheet Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journalRequired Information [The following information applies to the questions displayed below.] On April 1, Cyclone Co. purchases a trencher for $300,000. The machine is expected to last five years and have a salvage value of $50,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method. Choose Numerator Choose Denominator Annual Depreciation Annual depreciation Year Annual Depreciation Fraction of Year Depreciation Expense First year Second yearMilano Gallery purchases the copyright on a painting for $418,000 on January 1. The copyright is good for 10 more years, after which the copyright will expire and anyone can make prints. The company plans to sell prints for 11 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. View transaction list Journal entry worksheet Record the purchase of the copyright on a painting for $418,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal