These expenditures were occurs by Crane agency in purchasing land: cash price $58,430, presume accrued building taxes $5,410, attorney"s fees $2,480, actual estate broker"s the supervisory board $3,320, and clearing and also grading $4,440. What is the cost of the land?
Cullumber company incurs this expenditures in purchase a truck: cash price 22,970, accident insurance money (during use) 1,640, motor auto license 340, and also painting and also lettering 2,620. What is the cost of the truck?
Gordon Chemicals agency acquires a shipment truck in ~ a price of 20,400 on January 1, 2017. The truck is meant to have actually a salvage worth of 4,500 in ~ the finish of its 4-year advantageous life. Compute annual depreciation for the first and 2nd years making use of the straight-line method.

You are watching: Show how this patent is reported on the balance sheet at the end of the first year.


Pharoah firm retires its shipment equipment, which cost 48,850. Accumulated depreciation is likewise 48,850 top top this shipment equipment. No salvage worth is received.
Assume the very same information, except that built up depreciation for the equipment is 36,270 instead of 48,850
(D) gathered depreciation-equipment36,270(D) loss on handle of tree assets12,580(C) Equipment48,850
Ivanhoe company sells office tools on July 31, 2017, for 22,330 cash. The office devices originally expense 83,350 and as of January 1, 2017, had collected depreciation of 38,110. Depreciation because that the very first 7 month of 2017 is 4,730. Update depreciation to July 31, 2017.
Ivanhoe agency sells office equipment on July 31, 2017, because that 22,330 cash. The office devices originally price 83,350 and also as of January 1, 2017, had built up depreciation the 38,110. Depreciation for the very first 7 months of 2017 is 4,730. Record the revenue of the equipment.
(D) gathered Depreciation-Equipment42,840(D) Cash 22,330(D) lose on handle of tree assets18,180(C) Equipment83,350
Wildhorse Co. Purchases a patent because that 172,200 on January 2, 2017. The estimated useful life is 6 years. Prepare the journal entry to document amortization expense for the first year.

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Wildhorse Co. Purchases a patent because that 172,200 top top January 2, 2017. That estimated beneficial life is 6 years. Show how this patent is reported on the balance paper at the end of the an initial year.
Wildhorse Co. Purchase a delivery truck. The full cash payment was 45,042, including the complying with items.Negotiated purcase price 37,200Insall pro shelv. 2,380Painting and also lettering 700Motor auto license 190Annual Ins plan 2,340Sales taxation 2,232Total 42,512The price of the shipment truck is
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