Metrocity Inc. owns a small television station in Nova Scotia. Its year-end is June 30. Required...
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Metrocity Inc. owns a small television station in Nova Scotia. Its year-end is June 30. Required The company completed the following transactions. Prepare all appropriate journal entries. SHOW ALL CALCULATIONS. Round to the nearest dollar. April 1 2020 Paid $2,175,000 plus $75,000 in legal fees (pertaining to the purchase of all assets) to purchase the following assets from a competitor that was going out of business: Appraised Estimated Estimated Method of Asset Fair Value Useful life Residual value Depreciation 600,000 960,000 2$ Land Buildings 25 years 120,000 DDB Equipment 840,000 5 years 80,000 SL Metrocity Inc. owns a small television station in Nova Scotia. Its year-end is June 30. Required The company completed the following transactions. Prepare all appropriate journal entries. SHOW ALL CALCULATIONS. Round to the nearest dollar. April 1 2020 Paid $2,175,000 plus $75,000 in legal fees (pertaining to the purchase of all assets) to purchase the following assets from a competitor that was going out of business: Appraised Estimated Estimated Method of Asset Fair Value Useful life Residual value Depreciation 600,000 960,000 2$ Land Buildings 25 years 120,000 DDB Equipment 840,000 5 years 80,000 SL
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