Question: please help me solve this 3 part question. (1.E.i-iii) . Problem 1) LO (various) Beerbe began fiscal year 2021 with no plant assets. On January

please help me solve this 3 part question. (1.E.i-iii)

. please help me solve this 3 part question. (1.E.i-iii) . Problem 1)LO (various) Beerbe began fiscal year 2021 with no plant assets. On

Problem 1) LO (various) Beerbe began fiscal year 2021 with no plant assets. On January 1, 2021, Beerbe purchased several plant assets (a.k.a. fixed assets; property, plant, and equipment) for a total price of $100,000 cash. The details of the assets purchased are as follows: Asset Market Value ($) Residual Value ($) Useful Life Depreciation Method Land 30,000 90,000 ??? Building 45,000 5,000 25 years straight-line Vehicle 7,500 0 40,000 miles units-of-production Furniture 7,500 0 5 years double-declining-balance Equipment 60,000 0 8 years straight-line ??? Beerbo occupied the building and also began using the furniture immediately after purchase. However, Beerbe did not begin using the equipment until April 1, 2021. Beecke plans to drive the vehicle as follows: Fiscal Year Driving Miles (estimated) 2021 6,000 2022 8,000 2023 10,000 2024 12,000 2025 14,000 Assume Beecbe has a December 31 fiscal year-end. Also assume the Beerbo has the following accounts set up in its ledger: > Accumulated Depreciation - Building Depreciation Expense - Land > Accumulated Depreciation - Equipment > Depreciation Expense - Vehicle > Accumulated Depreciation - Furniture Equipment Accumulated Depreciation - Land Furniture Accumulated Depreciation - Vehicle > Gain on Sale of Plant Asset Building Land Cash > Loss on Sale of Plant Asset > Depreciation Expense - Building Maintenance Expense Depreciation Expense - Equipment Vehicle Depreciation Expense - Furniture Problem 1.a) January 1, 2020 journal entry (LO 7.1) Write out the journal entry that Beecbe would record for the lump-sum / basket purchase above. | Problem 1.b) Capitalize or expense (7.2) Beerbe spent and additional $5,000 cash clearing the land to prepare it for use. Write out the journal entry that Beerbo would record for this expenditure. Problem 1.c) Depreciation schedules (7.3) Given the assumptions above, calculate how much depreciation expense Beerbo would record for each asset purchased in each of the fiscal years below. Assume depreciation is recorded once at the end of each fiscal year. Round to the nearest dollar. Problem 1.e) Sale of assets (7.4) Assume Beerbe sold certain assets as follows: Asset Vehicle Furniture Equipment Sale Date Jan. 1, 2025 Jan. 1, 2026 Jan. 1, 2027 Useful Life Consumed 32,000 miles 5 years 5.75 years Cash Proceeds Received ($) 500 389 12,000 Assume at the date of sale, all depreciation expense incurred to date had been recorded (e. all accumulated depreciation was up-to-date). Problem 1.e.i) Write out the journal entry for the sale of the vehicle. Round to the nearest dollar. Problem 1.e.ji) Write out the journal entry for the sale of the furniture. Round to the nearest dollar. Problem 1.e.iii) Write out the journal entry for the sale of the equipment. Round to the nearest dollar

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