The JHP Company purchased a building, some office equipment, two cranes, and some land on January 1,
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The JHP Company purchased a building, some office equipment, two cranes, and some land on January 1, 2011, for a total of $1 million cash. JHP has obtained the following appraisals of these assets:
JHP Company uses the straight-line method to depreciate fixed assets.REQUIRED:a. Prepare the journal entry to record the purchase.b. Prepare the journal entry to record depreciation expense for each type of asset for the year ended December 31, 2011.c. Assuming that all of these assets are still held as of December 31, 2012, present these fixed assets as they would be shown on the December 31, 2012, balance sheet.
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a 1111 Relative Purchase Cost Asset FMV FMV x Price Allocation Building 300000 3001200 1000000 25000...View the full answer
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