Please help me with all answers and calculation thanku Required information(The following information applies to the questions displayed below]Shahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. Thecompany paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the buildingbefore it could be used were $21,000.2. Compute straight-line depreciation at the end of one year, assuming an estimated 10-year useful life and a $5,000 estimatedresidual value.Sanght line depreciationNoASRequired information[The following information applies to the questions displayed below.]View transaction listShahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. Thecompany paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the buildingbefore it could be used were $21,000.11100Required:1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactionswere for cash and that all purchases occurred at the start of the year. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)Transaction1CView journal entry worksheetBuildingLandCashGeneral JournalDebit116,000129,000Credit245,000X [The following information applies to the questions displayed below.]Shahia Company bought a building for $90,000 cash and the land on which it was located for $122,000 cash. Thecompany paid transfer costs of $12,000 ($5,000 for the building and $7,000 for the land). Renovation costs on the buildingbefore it could be used were $21,000.3. What would be the net book value of the property (land and building) at the end of year 2? (Amounts to be deducted should beindicated by a minus sign.)Net book value of property at end of Year 2Net book value$0

Working Note : Formula Straight Line Depreciation = (Cost of asset - Residual value) / Estimated…

Answered: Required information [The following…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 38P

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Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?
Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
For each of the following transactions, state whether the cost would be capitalized (C) or recorded as an expense (E). A. Purchased a machine, $100,000; gave long-term note B. Paid $600 for ordinary repairs C. Purchased a patent for $45,300 cash D. Paid $200,000 cash for addition to old building E. Paid $20,000 for monthly salaries F. Paid $250 for routine maintenance G. Paid $16,000 for major repairs
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000 hours, the company expects to sell the asset for 150,000. What is the depreciation rate per hour based on activity?
The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost $22,500, and it is expected to generate net after-tax operating cash flows, including depreciation, of $6,250 per year. The truck has a 5-year expected life. The expected salvage values after tax adjustments for the truck are given here. The company’s cost of capital is 10%. Should the firm operate the truck until the end of its 5-year physical life? If not, then what is its optimal economic life? Would the introduction of salvage values, in addition to operating cash flows, ever reduce the expected NPV and/or IRR of a project?
Alfredo Company purchased a new 3-D printer for $900,000. Although this printer is expected to last for ten years, Alfredo knows the technology will become old quickly, and so they plan to replace this printer in three years. At that point, Alfredo believes it will be able to sell the printer for $15,000. Calculate yearly depreciation using the double-declining-balance method.

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