Cullumber Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cullumber Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $450,000. The assets were on the books of Kingswood for the following amounts: Land: $36,000, Building cost $321,600 less Accumulated Depreciation of $67,000, and Land Improvements cost $27,000 less Accumulated Depreciation of $9,000. The assets' appraised values at the date of purchase are Land $140,070, Building $284,970, and Land Improvements $57,960. Record the purchase of the assets on the books of Cullumber. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cullumber Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $450,000. The assets were on the books of Kingswood for the following amounts: Land: $36,000, Building cost $321,600 less Accumulated Depreciation of $67,000, and Land Improvements cost $27,000 less Accumulated Depreciation of $9,000. The assets' appraised values at the date of purchase are Land $140,070, Building $284,970, and Land Improvements $57,960. Record the purchase of the assets on the books of Cullumber. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Account Titles and Explanation Debit Credit Land 140070 Building 284970 Land Improvements 57960 ... View the full answer
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Posted Date:
Students also viewed these accounting questions
-
Journalize the following transactions for Tanaka Company for June 2016 the companys first month of operations Credit account titles are automatically indented when the amount is entered Do not indent...
-
Concord Corporation, which owes Skysong Inc. $3,440,000 in notes payable, is in financial difficulty To eliminate the debt, Skysong agrees to accept from Concord land having a fair value of...
-
Given a signed measure space (X, A, X). (a) Show that if E E A and X(E) > 0, then there exists a subset Eo CE which is a positive set for with X(Eo) > X(E). (b) Show that if EEA and X(E) <0, then...
-
Suppose that one worker can shovel snow from a storefront sidewalk in 50 minutes and another worker can shovel it in 30 minutes. How long will it take if they work together?
-
Parkland Department Store is located near the Lyndale Shopping Mall. At the end of the companys fiscal year on December 31, 2012, the following accounts appeared in its adjusted trial balance....
-
Antarctica, almost completely covered in ice, has an area of 5,500,000 mi2 with an average height of 7500 ft. Without the ice, the height would be only 1500 ft. Estimate the mass of this ice (two...
-
How are costs of assets that benefit a firm for more than one year allocated? (a) Depreciation. (b) Depletion and amortization. (c) Costs are divided by service lives of assets and allocated to...
-
Based on Deweys interview with Peri and the requirements description in her report, as well as your own experience using library services, use UML to answer the following questions. 1. Draw a use...
-
Solid honorite has a melting temperature of 261.15 K, and a heat capacity of 457 J/kgK. When it is liquid, its heat capacity is 575 J/kgK. The latent heat for the transition from solid to liquid is...
-
Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding its latest job. a. Materials were purchased on account. $18,996 purchased b. A materials...
-
You are the senior auditor in charge of the audit of Potholders Ltd, a retailer of garden pots. Your audit firm has been the auditor for the last four years. Historically, the firm has had a...
-
Explain three reasons why individuals or groups within an organization may resist change. Include at least one suggestion of how resistance can be overcome for each of the areas you identify. Explain.
-
Marquis are all planning to go to the Taylor Swift Eras tour. Marquis is a huge Taylor Swift fan and has already seen the Eras tour twice. He is willing to pay $1000 to see it again. Ellie and Nate...
-
Juvenile records are sealed in generally cannot be used against adult offenders and a two page minimum essay address the following questions why would such a policy exist? Would it make more sense to...
-
In terms of product layout, Coca-Cola takes carbonated beverages as its core business, representing brands such as Coca-Cola, Sprite and Fanta, and continues to expand in the beverage boundary,...
-
Solver provides a report that helps understand why the model is infeasible. What is this report called?
-
Consider Hurd Co., a U.S.-based MNC that wishes to analyze its economic exposure with respect to the British pound. The firm is comprised of three major business units: Unit A, Unit B, and Unit C....
-
An 8.0 kg crate is pulled 5.0 m up a 30 incline by a rope angled 18 above the incline. The tension in the rope is 120 N, and the crates coefficient of kinetic friction on the incline is 0.25. a. How...
-
Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table...
-
Galaxy Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVs), the Conquistador and Hurricane, from a single manufacturing facility. The manufacturing facility operates at 100%...
-
If fixed costs increase, what would be the impact on the (a) Contribution margin ? (b) Operating income?
-
Consider the following time series data. a. Construct a time series plot. What type of pattern exists in the data? b. Show the four-quarter and centered moving average values for this time series. c....
-
The following table reports prices and usage quantities for two items in 2009 and 2011. a. Compute price relatives for each item in 2011 using 2009 as the base period. b. Compute an unweighted...
-
Refer to exercise 35. a. Deseasonalize the time series using the adjusted seasonal indexes computed in part (c) of exercise 35. b. Using Minitab or Excel, compute the linear trend regression equation...
Study smarter with the SolutionInn App