Question: Need some help with this... fast! .11 AT&T 8:04 PM X Chapter 10 Group Work s StudxHayes Industries purchased the following assets and constructed a
.11 AT&T 8:04 PM X Chapter 10 Group Work s StudxHayes Industries purchased the following assets and constructed a building as well. All this was done during the current year Assets 1 and 2: These assets were purchased as a lump sum for $100,000 cash. The following information was gathered. 50,000 50,000 90,000 10,000 Asset 3: This machine was acquired by making a $10,000 down payment and issuing a $30,000, 2-year, be paid off in two $15,000 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $35,900 note. The note is to Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of machinery braded Accumulated depreciation to date of sale Fair value of machinery traded 0,000 80,000 10,000 70,000 Asset 5: Equipment was acquired by issuing 100 shares of $8 par value common stock. The stock had a market price of $11 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $150,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. 2/1 120,000 360,000 9V1 480,000 11/1 100,000 To finance construction of the building, a $600,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1 The firm had $200,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent
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